Polygon and Arbitrum lead cryptos in on-chain activity with spike in active addresses

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. 

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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%. 

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.