- 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.
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