Polkadot achieves a milestone with a record-breaking 600,000 active addresses

Crypto News– The Polkadot blockchain has achieved a remarkable milestone with a new record in active addresses on its network.

Polkadot achieves a milestone with a record-breaking 600,000 active addresses

As of the end of March, Polkadot has recorded over 600,000 active addresses on-chain, as reported by DotLake and shared in an April 7 post by Polkadot. Among these, a significant portion—approximately 41%, totaling 248,000 addresses—is attributed to Moonbeam, the cross-chain smart contract platform. Additionally, DotLake data indicates that 191,000 addresses were directly created on the Polkadot network.

Moreover, the number of unique accounts holding non-zero balances is also witnessing a steady increase. By the end of March, this figure surpassed 5.59 million accounts, reflecting a notable rise from 5.53 million at the end of February.

Nevertheless, despite the surge in active addresses, total transactions on the Polkadot network continue to show restraint. March witnessed a total of 11.58 million monthly transactions, indicating a slight increase from April’s 10.8 million. However, this figure pales in comparison to the 31.78 million transactions recorded in December.

The Polkadot (DOT) token experienced a decline of 3.3% in the 24-hour period leading up to 12:38 pm UTC, trading at $8.95. This positions it as the 14th largest cryptocurrency by market capitalization. Presently, DOT is down by 83% from its all-time high of $55, which was achieved in November 2021, as per CoinMarketCap data.

The DED memecoin falls short of expectations

In an attempt to capitalize on the current craze surrounding memecoins and attract more participants to the blockchain, the Polkadot community launched its own memecoin, DOT is $DED (DED), which gained traction on X on March 23. Investors who held Polkadot were entitled to receive 36 DED tokens for every 1 DOT they owned.