The Layer-1 ecosystem Polkadot has reached an all-time high in the number of active addresses on the network. According to data shared by the data analysis platform DotLake in Polkadot’s April 7 post, Polkadot collected over 600,000 active addresses on the ecosystem by the end of March. The data shared by the team emphasized that activities within the Polkadot ecosystem continue to increase.
Intense Interest in the Polkadot Ecosystem
DotLake data indicates that more than 41% of the 605,000 addresses, or 248,000, belong to the cross-chain smart contract platform Moonbeam, while 191,000 addresses were created directly on Polkadot. The number of unique accounts with non-zero balances is also rising, with the account count exceeding 5.59 million at the end of March, up from 5.53 million at the end of February.
However, the total number of transactions on the network continues to remain low. Polkadot saw a total of 11.58 million transactions in March; this figure is slightly higher than the 10.8 million transactions in April but much lower than the 31.78 million transactions recorded in December 2023.
Polkadot’s token DOT has seen a 3.3% decrease within 24 hours, trading at $8.95 as the 14th largest cryptocurrency by market value. According to CoinMarketCap data, DOT is currently 83% below its all-time high of $55 reached in November 2021.
Polkadot Community Launches Meme Coin Project
To capitalize on the current memecoin frenzy and bring more participants to the blockchain network, the Polkadot community created its own memecoin project called DOT is DED (DED) on March 23, which started trending on platform X. Investors holding Polkadot were entitled to receive 36 DED tokens for every 1 DOT they owned.
Network developer Giotto De Filippi mentioned in a March 24 X Spaces announcement that his sentiment was affected after the team reduced the initial airdrop allocation from 100% to only 5% of the token supply, aiming for a longer financial runway for the memecoin.
DED is currently valued just above $0.001 and is seeing very little interest following the airdrop distribution. According to the liquidity pool on Hydradx, the DOT/DED pair collected only $20,536 in 24-hour trading volume.
