Polkadot Breaks Records with 600K Active Addresses Despite DED Memecoin Flub

Polkadot-DOT-logo-in-multicolor-image.

Advertisements
  • The number of active addresses on the Polkadot network has reached a record high, surpassing 600,000.
  • Unique accounts with non-zero balances are also on the rise, reaching 5.59 million accounts at the end of March.

Polkadot is celebrating record adoption with network activity reaching record highs. According to DotLake data, the number of active addresses on the Polkadot network has reached over 600,000. About 41% (248,000), are created on the cross-chain smart contract platform Moonbeam. Another 191,000 are directly on the Polkadot network.

Further metrics show that unique accounts with non-zero balances have reached over  5.59 million accounts by the end of March, this is up from 5.53 million in the previous month. Additionally, the total number of transactions increased. The network recorded a total of 11.58 million monthly transactions in March. This marked a slight increase from the 10.8 million from February.

Advertisements

However, these numbers have taken a dip after reaching  31.78 million transactions recorded in December 2023.

This network growth comes amidst increased efforts to attract users and adoption through the memecoin frenzy. Noting the success of memecoins on the Solana network, the Polkadot community launched the DED token to attract more attention to the network. However, its adoption and price performance have been subdued, by far underperforming its peers.

Advertisements
See also  Santiment Says Bitcoin Bull Market Over with Recent Price Drop

Compared to the remarkable trading volume and surge staged by the recently launched Dogwifhat (WIF), BONK, BOME, and PEPE, DED has failed to inspire investors.

Polkadot (DOT) Poised for a Price Rebound

Despite the positive network growth, its native token DOT has in the last couple of weeks been under intense bearish pressure. In the past 7 days, the token has lost 21% of its value. But in the last 24 hours, DOT has staged a comeback, surging 7.5% to trade at $7.09 at the time of writing.

DOT is trading within the $5.95 – $9.07 range with both bulls and bears fighting for control. In the long term, DOT remains one of the most bullish altcoins. This outlook is based on network growth and the commitment of the ecosystem to keep building and innovating. In the short term, the upcoming Bitcoin halving presents a bullish breakout.

Advertisements

The Polkadot memecoin, DED, has failed to capture significant interest after its airdrop distribution. Currently, its price sits at a mere $0.001, reflecting a lack of investor enthusiasm. This underwhelming performance is further evidenced by the low trading volume on the DOT/DED pair on Hydradx.

Over the past 24 hours, the combined value of all DEDs bought and sold only reached $20,536. This minimal activity suggests that DED hasn’t attracted many traders, despite its attempt to capitalize on the memecoin trend within the Polkadot ecosystem.

DED started trading on March 23rd, coinciding with an airdrop event. This meant that investors holding Polkadot (DOT) on that date received 36 DED tokens for every 1 DOT they owned.

Advertisements

Leave a Reply

Your email address will not be published. Required fields are marked *