- Polygon and Arbitrum blockchains have the highest spike in active addresses when compared to BNB Chain, Ethereum and Solana.
- While MATIC price yielded losses for holders over the past month, a spike in ARB’s active addresses resulted in double-digit gains.
- Growth in meme coins like PEPE and DApps on the Arbitrum ecosystem drove growth in on-chain activity.
Polygon and Arbitrum blockchains witnessed a spike in their on-chain activity, in terms of active addresses, compared to April 2023. The increase in active addresses was accompanied by a spike in ARB price over the past thirty days.
Experts at crypto intelligence tracker Nansen attribute the growth in on-chain activity to the rise of meme coins and increasing number of DApps on blockchains like Ethereum, Polygon and Solana.
Also read: With Fed's rate hike around the corner, Bitcoin price could rally again
Polygon and Arbitrum see highest spike in on-chain active addresses
Experts at Nansen evaluated top blockchains to identify the ones with the highest spike in active addresses on-chain. While active address count on BNB Chain, Solana and Ethereum declined, it increased on Polygon by 4.2 million addresses or 6% and Arbitrum by 7.8%.
Which chains had the most on-chain active addresses in April & how did they compare to March?
— Nansen (@nansen_ai) May 3, 2023
BNB Chain: 10.9M (-11%)
Solana: 5.1M (-12%)
Ethereum: 4.9M (-7.9%)
Polygon: 4.2M (+6%)
Arbitrum: 2.4M (+7.8%)
And what were these addresses doing?
Let's take a look on-chain... pic.twitter.com/mjrBPgbmif
Among Ethereum Virtual Machine compatible chains, Avalanche, Celo and Optimism have the highest percentage increase in active addresses. Experts at Nansen shared the statistics highlighting percentage change in active addresses.
Active Addresses % Change
Technical experts noted that the spike in NFT usage on the Solana network, PEPE Coin’s rising popularity and rising number of DApps on the Avalanche blockchain has fueled the spike in active addresses on these blockchains.
Increase in active addresses fueled a spike in Arbitrum
The spike in active addresses fueled a rally in ARB price. The token yielded double-digit gains, 11.2% over the past month. The same is not true for Polygon network’s MATIC token that suffered a decline in its price.
ARB price chart
Alongside the rising utility of ARB token and its adoption in the crypto ecosystem, the increase in active addresses acted as a bullish catalyst, driving its price higher.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.