2024-04-26 04:05:31
- Polkadot has seen a drop in user activity this month.
- Demand for the DOT coin remains low.
Monthly transaction volume i Moles [DOT] Relay chain and para chains are set to close April at their lowest level so far this year (YTD), according to data from The block has shown.
The Relay Chain is the central chain in the Polkadot network that handles the coordination and security of the blockchain. Their parachains refer to individual blockchains that run in parallel and are connected to the relay chain.
So far this month, the network’s transaction volume has been $400 million, representing a 56% decrease from the $916 million recorded in March. Polkadot’s monthly transaction volume has fallen 90% from $4 billion at the end of January.
Polkadot is witnessing user drought
The decline in financial performance on the Polkadot Relay Chain and its parachains is due to low user activity on the network in April.
According to data from The Block, the last 25 days have been marked by a 43% decrease in the number of unique addresses active on the network’s Relay Chain as senders or receivers.
Similarly, demand from new Polkadot Relay Chain users has plummeted.
So far this month, the number of unique addresses appearing for the first time on the network amounts to 44,000. This represents a 60% decrease from 112,000 new Layer-0 blockchain claims in March.
Across its various parachutes, the month has seen a corresponding decline in user activity. According to data from The Block, the monthly active address count ended March with a year-to-date record of 6 million.
However, April has seen a reduction in network activity on the Polkadot parachains, with only 2.2 million active addresses registered in the last 25 days.
In addition, new demand for these parachutes has decreased. In the last 25 days, only 101,000 new addresses have used these networks. In March, they registered 1.52 million new addresses.
look before you leap
Although DOT’s moving average convergence/divergence (MACD) readings showed a resurgence of bullish sentiment, it is important to note that demand for the altcoin remains low.
File Moles [DOT] Price prediction 2024-25
At the time of writing, the currency’s key momentum indicators were below their respective midlines, suggesting that market participants favored selling over accumulation.
The Relative Strength Index (RSI) was 38.72, while the Money Flow Index (MFI) was 37.20.
This is an automatic translation of our English version.
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