Polkadot’s active addresses on-chain reached over 600,000 by the end of March, according to a recent report by DotLake. Among these addresses, 248,000 are associated with Moonbeam, a cross-chain smart contract platform. Additionally, there were 191,000 addresses generated directly on Polkadot.
The number of unique accounts with balances greater than zero also saw positive growth, with over 5.59 million accounts recorded at the end of March, up from 5.53 million in February.
Despite these developments, Polkadot’s transaction volume remains relatively low. In March, the network recorded a total of 11.58 million monthly transactions, slightly higher than April’s 10.8 million but significantly lower than December 2023’s 31.78 million.
Polkadot’s native token, DOT, has seen a 4.68% increase in the past 24 hours and is currently trading at $8.99, according to CoinMarketCap. However, it has experienced an 83% decline from its all-time high of $55 in November 2021.
In an attempt to capitalize on the memecoin trend and attract new users, the Polkadot community launched its own memecoin called DOT is $DED. This memecoin gained popularity on X starting from March 23. For every DOT token owned by Polkadot investors, 36 DED tokens were distributed.
To ensure the longevity of the memecoin, the team decided to reduce the initial airdrop allocation from 100% to 5% of the token supply, which disappointed some retailers.
In other crypto news, there is speculation about whether Ethereum (ETH) can surpass $4,000 after the Bitcoin halving.
