Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

According to Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of this year in terms of market capitalization, revenue, and cross-consensus message format (XCM) activity, with record daily active addresses. achieved a significant increase. .

DOT’s market capitalization surges 16% QoQ

In Q4 2023, Polkadot’s market capitalization reached $8.4 billion, registering a notable quarter-on-quarter (QoQ) increase of 111%. Building on this momentum, it will record a further 16% quarter-on-quarter increase in Q1 2024. Market capitalization reaching $12.7 billion.

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion on November 8, 2021.

DOT market capitalization in the first quarter. sauce: Messari

In Q4 2023, Polkadot’s revenue also surged 2,880% quarter-over-quarter to $2.8 million. According to the report, this surge is believed to be primarily due to the exponential increase in foreign substances caused by the polka dot inscriptions.

but, profit indicators Revenues for the first quarter of 2024 decreased significantly sequentially, with USD revenue down 91% to $241,000 and DOT revenue down 92% to $28,800. It is worth noting that due to the structural design of the network, Polkadot’s revenues tend to be relatively low compared to its competitors.

Polkadot’s XCM activity continued to show growth in Q1 2024. His daily XCM transfers increased 89% QoQ to 2,700. Meanwhile, non-asset transfer use cases known as “XCM Other” grew 214% quarter over quarter, with an average of 185 transfers made each day.

total number of Daily XCM messages grew 94% sequentially to 2,800, demonstrating the network’s dynamic ecosystem. Additionally, the number of his active XCM channels increased by 13% QoQ to a total of 230.

Polkadot’s parachain network reaches new heights

Q1 2024 was a significant kickoff to the year for Polkadot’s parachains, with active addresses reaching a new high. Best ever 514,000, representing a significant 48% quarter-on-quarter increase.

Moonbeam has emerged as the leading parachain with 217,000 monthly active addresses, a steady 110% quarter-over-quarter increase. Nodle followed suit, with 54,000 monthly active addresses, doubling from the previous quarter.

Polka dot pattern
Polkadot’s active addresses reached a new record in Q1. sauce: Messari

Meanwhile, Astar saw modest growth of 8% QoQ, reaching 26,000 active addresses. Meanwhile, Bifrost Finance reached 10,000 addresses with a slight growth of 2% QoQ. However, Acala suffered a decline, with monthly active addresses dropping to 13,000, a 16% drop sequentially.

especially, manta network It stands out among parachains in Q1 2024 with a significant increase in daily active addresses, reaching 15,000. Messari said this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, pushing Manta’s Total Value Locked (TVL) to over $440 million.

Polkadot price looks set for future upside potential

In terms of price movement, Polkadot’s native token DOT has regained bullish momentum after reaching a year-to-date high of $11 on March 14 before plummeting to the $5.8 price mark.

Currently, DOT has regained the $7.25 level and has risen 7% over the past week. However, according to CoinGecko, DOT’s trading volume slightly decreased by 4.7% compared to the previous trading session, reaching $320 million in the past 24 hours. data.

Polka dot pattern
The 1-D chart shows that the price of DOT is trending upward. sauce: DOTUSD on TradingView.com

If the bullish momentum continues, Polkadot will face the first resistance at the $7.4 zone, which will be the last threshold before potentially retesting the $8 resistance wall.

Meanwhile, the $6.4 support floor has proven successful after being tested for two consecutive days this week, highlighting its importance as a key level to monitor the prospects of an upward move for the token. I am.

Featured image from Shuttestock, chart from TradingView.com

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