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Polkadot’s latest milestone of 600k wallets: Can it push DOT to $10?

2min Read

Key Polkadot on-chain metrics showed that activity has picked up on the network, but it has yet to translate to increased transactions. 

Polkadot records ATH active wallets of over 600,000

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  • Polkadot has seen an all-time high in active and unique wallets.
  • DOT has managed to stay at around $9.

Recent data indicates that Polkadot experienced its highest number of active wallets in the past month, signaling a positive development for the platform. However, this uptick in active wallets was not mirrored in the number of transactions, which did not show a similar positive trend.

Polkadot’s active account crosses 600,000

Analysis of Polkadot‘s active account data reveals that the total number of active accounts in the ecosystem has surpassed 605,000.

Notably, Moonbeam contributed the highest number of active addresses, with over 248,000. This figure represents a new all-time high for the network, surpassing the previous record of around 516,000 set in January.

However, by February, this number had decreased to around 419,000.

Additionally, Polkadot has also achieved a new record in its number of unique accounts. Data analysis indicates that the number of unique accounts reached over 5.59 million by the end of March, surpassing the previous figure of around 5.53 million recorded in February.

This milestone marks a new all-time high for the platform.

Polkadot transactions dip

Despite the increase in unique and active accounts on Polkadot, the number of transactions has yet to rise correspondingly. Analysis of transaction data showed a modest increase compared to February.

The number of transactions reached around 11.5 million, up from approximately 10.8 million in the previous month.

However, both figures remain significantly lower than the 31.7 million transactions recorded in December, a peak that the network has yet to be able to replicate since then.

DOT holds at $9

At the close of the trading session on 8th April, Polkadot (DOT) experienced a 3.9% increase in price. This surge lifted its price from around $8.70 to $9.05. It marked the first notable positive movement for DOT in two weeks. 

Polkadot price trend

Source: TradingView


 Realistic or not, here’s DOT market cap in BTC’s terms


Following a decline from its previous high of over $11, DOT’s price was poised to stabilize around the $9 range. However, a downturn that commenced on 1st April pushed its price into this range.

As of this writing, DOT was trading at around $9.03, experiencing a marginal decline of less than 1%.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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