Recent information from DotLake shared in a recent post on Polkadot’s official communication site indicates that the Polkadot blockchain has reached new heights, with over 600,000 active addresses on its network.
A significant portion of these active addresses that are more than 41%, or 248,000 are connected to Moonbeam, the cross-chain smart contract tool. At the same time, 191,000 addresses were made on the Polkadot network directly.
Also, the number of different accounts with amounts greater than zero has grown. By the end of March, there were over 5.59 million such accounts, up from 5.53 million in February.
Even with these significant moves forward, the number of activities on the network is still fairly limited. There were 11.58 million transactions in March, slightly more than the 10.8 million transactions in April but a lot less than the 31.78 million transactions that happened in December 2023.
Polkadot’s DOT Decline, $DED Fallout
In the span of one day the price of the native token DOT fell 3.3%, trading at $8.95. CoinMarketCap data indicates that DOT has dropped 83% since its all-time high of $55 in November 2021. It is now the 14th most significant cryptocurrency by market capitalization.
The Polkadot community made their own memecoin called DOT is $DED (DED) to cash in on the memecoin trend and bring more people to the platform. It went viral on social media on March 23. People who bought Polkadot were offered 36 DED tokens for every DOT they acquired.
But novice investors lost faith when the team cut the original airdrop from giving away 100% of the token supply to giving away only 5% of the token supply. They did this to give the memecoin more time to generate funds. One of the anonymous developers, Giotto De Filippi, wrote about the choice in a March 24 X Spaces chat.
At the moment, DED is worth slightly more than $0.001, therefore not many people are interested in it after the airdrop. The liquidity pool on Hydradx said that the DOT/DED trading pair only recorded $20,536 worth of trades in 24 hours.
