Polkadot Sets New Record with Over 600,000 Active Wallets
The number of active wallets on Polkadot has just reached a new milestone of 600,000, despite efforts to capture the memecoin trend falling short.
Polkadot Sets New Record with Active Wallets. Image: Coin Edition
As confirmed by Polkadot on April 7th, the blockchain has accumulated over 600,000 active addresses on-chain by the end of March.
Activity continues to grow in the Polkadot ecosystem, where many apps use dedicated blockspace to prevent issues like network spam 🛡️
— Polkadot (@Polkadot) April 7, 2024
Polkadot is about flexibility without compromising on resilience 🔗
In the end, this benefits the users 👥 pic.twitter.com/s7bkO7rVqT
Data from DotLake shows that more than 41%, equivalent to 248,000 out of 605,000 wallets, are linked to the Moonbeam cross-chain smart contract platform. Meanwhile, 191,000 addresses were directly created on Polkadot.
At the same time, the number of unique accounts with a balance greater than 0 is also increasing, surpassing 5.59 million wallets by the end of March, up from 5.53 million in the same period the previous month.
Unique accounts on Polkadot from April 2023 to present. Source: DotLake
However, the total transaction volume on the network remains modest. Polkadot recorded a total of 11.58 million transactions in March, still significantly lower than the 31.78 million transactions in December 2023.
Transaction volume on Polkadot from April 2023 to present. Source: DotLake
DOT, the cryptocurrency ranked 14th by market capitalization, has decreased by 3.3% over the past 24 hours and is currently trading at $9 per coin. Compared to its all-time high set in November 2021, DOT has declined by over 80%.
Why 5% percent and not 100%?
— Giotto De Filippi (@giottodf) March 24, 2024
Watch this: https://t.co/flwQY8N9xF
1-day chart of the DOT/USDT pair on Binance at 10:30 AM on 09/04/2024
In an effort to capitalize on the memecoin frenzy surging across other ecosystems, Polkadot has also launched its own meme coin. DOT is $DED (DED) trended on X on March 23rd. For every DOT held, the Polkadot community received 36 DED.
However, investor sentiment turned more negative when the project decided to reduce the airdrop distribution from the initial 100% down to only 5% of the total token supply.
DED is currently priced at over $0.001, and interest in this memecoin has significantly waned. The DOT/DED trading pair also only accumulated $20,536 in trading volume over the past 24 hours.
