The Polkadot blockchain has reached a new all-time high in active addresses on its network.
Polkadot amassed over 600,000 active addresses on-chain by the end of March, according to data by DotLake, shared in an April 7 X post by Polkadot.
“Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam.”
Over 41%, or 248,000 of the 605,000 addresses, are attributed to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were created directly on Polkadot, according to DotLake data.
The number of unique accounts with non-zero balances is also on the rise, surpassing 5.59 million accounts at the end of March, up from 5.53 million at the end of February.
However, total transactions remain subdued on the network. Polkadot saw a total of 11.58 million monthly transactions in March, slightly up from 10.8 million in April but far below the 31.78 million transactions recorded in December 2023.
Polkadot’s (DOT) token fell 3.3% in the 24 hours leading up to 12:38 pm UTC to trade at $8.95 as the 14th-largest cryptocurrency by market capitalization. DOT is currently down 83% from its all-time high of $55 reached in November 2021, according to CoinMarketCap data.
Related: Bitcoin mining profitability won’t necessarily fall after halving
DED memecoin fails to deliver
In an effort to capitalize on the current memecoin frenzy and bring more participants to the blockchain, the Polkadot community spun up its own memecoin, DOT is $DED (DED), which started trending on X on March 23. Investors holding Polkadot were eligible for 36 DED tokens for every 1 DOT held.
Retail sentiment turned sour after the team reduced the initial airdrop allocation from 100% of the token supply to just 5% to create a longer financial runway for the memecoin, explained one of its pseudonymous developers, Giotto De Filippi, during a March 24 X Spaces.
DED is currently worth a little over $0.001, with seemingly little interest following the airdrop distribution. The DOT/DED trading pair only amassed $20,536 in 24-hour trading volume, according to the liquidity pool on Hydradx.
Related: Google sues alleged China crypto app racketeers: Report
