Cardano ($ADA) Network Adds Over 70,000 Wallets in 30 Days, Even as Prices Fall

The number of wallets holding the $ADA token on the Cardano blockchain has increased by just over 70,000 in the past 30 days, even at a time when the cryptocurrency’s price is plunging along with the rest of the market. cryptography.

According to Cardano blockchain information shared on Google Data Studio by the Cardano Fans Stake Pool, first spotted by Finbold, an average of more than 2,000 wallets have been added to the Cardano network per day over the past 30 days, the total figure exceeding 70,200.

The data shows that on April 19, the network had a total of 3.268 million holders, while on May 19, the figure reached 3.33 million holders. The rapid increase in the number of wallets holding ADA came in a month in which retail interest in cryptocurrency “increased rapidly.”

According to data shared by IntoTheBlock earlier this month, prior to Terra’s collapse, retail wallets had increased their holdings of ADA by over 186% to collectively hold over 36% of the crypto’s supply. cash. After the crypto market started crashing following the fall of LUNA, new ADA wallets continued to be created at a rapid pace.

More recent data showed ADA whale trades hit a 4-month high after the price of the cryptocurrency plunged to a low of $0.40 earlier this year. The whales were apparently buying the drop ahead of an upcoming hard fork that will improve network performance.

Market data shows that Cardano is currently trading above the $0.50 mark even after losing over 40% of its value in the past 30 days.

ADAUSD chart via TradingView

As noted, Cardano whales recently resumed an accumulation trend after selling off their holdings over a 7-month period that saw them dump a large amount of ADA into the market. ADA investors apparently held onto their funds throughout the bear market. Data from Coinbase’s pricing pages shows that ADA has a typical shelf life of 121 days, which means ADA users on the platform hold their assets for more than four months before “selling it or to send it to another account or to another address”.

The accumulation and growing number of ADA wallets precede the Vasil hard fork, scheduled for June. The hard fork, according to Cardano founder Charles Hoskinson, will bring a “massive performance boost” to the network.

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Featured image via Unsplash

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