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Cryptocurrency News Articles
Polkadot Network Hits Milestone, Surpasses 600,000 Active Addresses
Apr 08, 2024 at 08:57 pm
Polkadot's network activity has seen a surge, with active addresses reaching an all-time high of over 600,000 in March. Cross-chain platform Moonbeam significantly contributed to this growth, accounting for 41% of active addresses. Despite the rise in active addresses, total transactions remain subdued, and Polkadot's DED memecoin has failed to gain traction post-airdrop.
Polkadot Network Records Surge in Active Addresses, Surpassing 600,000 Mark
The Polkadot blockchain has achieved a significant milestone, reaching an unprecedented high in active addresses on its network. By the conclusion of March, as per data compiled by DotLake and disseminated by Polkadot on April 7, the network had amassed an impressive 600,000 active addresses.
This surge in activity is attributed to the expanding Polkadot ecosystem, where numerous applications leverage dedicated blockspace to circumvent network congestion and spam. According to DotLake's data, a substantial portion of the active addresses, totaling 248,000 or approximately 41%, can be attributed to Moonbeam, a cross-chain smart contract platform. Additionally, 191,000 addresses were established directly on the Polkadot blockchain.
Furthermore, the number of unique accounts possessing non-zero balances is also witnessing a steady upward trend. At the end of March, this metric exceeded 5.59 million accounts, reflecting a notable increase from the 5.53 million accounts recorded at the end of February.
Despite the encouraging rise in active addresses and unique accounts, total transactions on the Polkadot network remain relatively subdued. In March, Polkadot processed approximately 11.58 million monthly transactions, marking a modest increase compared to the 10.8 million transactions in April. However, this figure remains considerably lower than the peak of 31.78 million transactions recorded in December 2023.
Polkadot's DED Memecoin Fails to Gain Traction
In an attempt to capitalize on the prevailing popularity of memecoins and attract a wider audience to the blockchain, the Polkadot community launched its own memecoin, DOT is $DED (DED). This memecoin garnered significant attention on March 23, sparking a surge in discussions on social media platforms. Polkadot holders were eligible to receive 36 DED tokens for every 1 DOT they possessed.
However, investor sentiment quickly soured when the team responsible for DED reduced the initial airdrop allocation from 100% of the token supply to a mere 5% in order to extend the financial runway for the memecoin. This decision, as explained by one of the project's pseudonymous developers, Giotto De Filippi, during a March 24 video call on Spaces, contributed to the negative sentiment among investors.
Currently, DED is valued at approximately $0.001, with minimal interest observed following the airdrop distribution. The DOT/DED trading pair on Hydradx liquidity pool has recorded a meager $20,536 in 24-hour trading volume, indicating a lack of liquidity and traction for the memecoin.
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- CET: The Native Token of the CoinEx Cryptocurrency Exchange
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- CET is the native token of one of the leading cryptocurrency exchanges, CoinEx. It is an ERC-20 token based on the Ethereum network that was launched in 2018.
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- Dogecoin ($DOGE) Primed to Hit $1 By December This Year, Market Analyst Master Kenobi Predicts
- Sep 25, 2024 at 10:25 am
- The early aftermath of the current Federal Reserve (Fed) interest rate cuts has been constructive for the final crypto business as main property like Dogecoin have been displaying optimistic sentiment.
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- IMX Token Price Prediction: Can It Break the $2 Resistance Level and Rally Higher?
- Sep 25, 2024 at 10:25 am
- Over the past 24 hours, IMX has jumped an impressive 12.14%, reaching a price of $1.81. This upswing has stirred speculation about whether the token can break through a key resistance level of $2.
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- Sep 25, 2024 at 10:15 am
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- Bitcoin (BTC) Market Value to Realized Value (MVRV) Ratio Hints at an Upcoming Shift in Momentum
- Sep 25, 2024 at 10:15 am
- Ever since the United States announced its latest interest rate cut, Bitcoin [BTC] experienced a gradual rebound in price. The cryptocurrency surged to a peak of over $64,000 on the 23rd of September, gaining 8.5% in value over the last week.
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- Bitget Announces Price Prediction Contest Ahead of Hamster Kombat Coin Listing
- Sep 25, 2024 at 10:15 am
- The contest invites participants to predict the highest HMSTR coin price during its first 24 hours of trading. The winner of the contest will receive $100 in HMSTR tokens if their prediction is the closest to the actual price.
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- Solana (SOL) Poised for a Massive Upside Rally Targeting $165 After Its Consolidation Breakout
- Sep 25, 2024 at 10:15 am
- Solana (SOL), the fifth-biggest cryptocurrency by market cap appears bullish and poised for a massive upside rally following its consolidation breakout.
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- RCO Finance: The Under the Radar Cardano (ADA) Alternative
- Sep 25, 2024 at 10:15 am
- Amidst the uncertainty surrounding Cardano (ADA), RCO Finance presents the perfect opportunity for investors to hedge their investments and make significant returns.
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- EverValue Announces Upcoming Presale of Its EVA Token, Combining Bitcoin-Backed Stability with Innovative Features
- Sep 25, 2024 at 10:15 am
- Unlike traditional platforms, EverValue allows investors to maintain full control of their tokens, without relying on third-party storage solutions.