Polkadot

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<a href="https://twitter.com/Polkadot/status/1776884484790444267/photo/1" target="_blank" rel="noopener nofollow"></a> by Polkadot.
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 “Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/68527528-1667-409e-bd97-8edface6a992.jpeg" alt="" title="">
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 Polkadot: Active addresses chart. Source: <a href="https://twitter.com/Polkadot/status/1776884484790444267/photo/1" target="_blank" rel="noopener nofollow">Polkadot</a>
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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, <a href="https://dashboards.data.paritytech.io/parachains.html" target="_blank" rel="noopener nofollow">according</a> 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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/24f55b2e-6217-4b64-8cce-34d2d01d1469.png" alt="" title="">
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 Number of unique accounts. Source: DotLake
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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.
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 <img src="https://s3.cointelegraph.com/uploads/2024-04/69db3212-3167-464c-baac-35a9cd7ede29.png" alt="" title="">
 <figcaption style="text-align: center;">
 Number of transactions. Source: <a href="https://dashboards.data.paritytech.io/parachains.html" target="_blank" rel="noopener nofollow">DotLake</a>
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Polkadot’s (<a href="https://cointelegraph.com/polkadot-price-index">DOT</a>) 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, <a href="https://coinmarketcap.com/currencies/polkadot-new/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-profitability-wont-fall-halving">Bitcoin mining profitability won’t necessarily fall after halving</a>
<h2 data-ct-non-breakable="true" id="ded-memecoin-fails-to-deliver">DED memecoin fails to deliver</h2>
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, <a href="https://twitter.com/giottodf/status/1771763441440624973" target="_blank" rel="noopener nofollow">explained</a> 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, <a href="https://app.hydradx.io/liquidity/isolated?id=1000024" target="_blank" rel="noopener nofollow">according</a> to the liquidity pool on Hydradx.
Related: <a href="https://cointelegraph.com/news/google-sues-china-crypto-app-racketeers-report">Google sues alleged China crypto app racketeers: Report</a>

Polkadot active addresses hit record 600K

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Cointelegraph

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