Cardano Adoption Grows as Number of ADA Wallets Hits New All-Time High: CryptoCompare Report

New data shows that Ethereum challenger Cardano (ADA) is seeing an uptick in adoption with the number of ADA wallets hitting a new all-time high despite a shaky April for the smart contract platform.

A new report from CryptoCompare shows that the number of addresses holding Cardano hit an all-time high last month amid a significant increase in the number of hodlers, or entities that have kept their ADA stacks intact for more than a month. year.

“The number of addresses holding ADA rose 2.99% to a record high of 5.20 million in April. This includes an increase in the number of hodlers from 529,000 in March to 679,000 in April. Short-term traders fell 44.6% to 377,000.”

Although the number of addresses with an ADA balance continues to grow, CryptoCompare points out that user activity on Cardano is starting to cool off.

“Activity on the Cardano blockchain saw significant success in April. Monthly transactions fell 62.2% to 1.17 million, while average active addresses also fell 57.7% to 52,000. Average daily new addresses saw a similar drop of 59.1% to 23,200.”

Looking at Cardano’s developer stats, the company points out that the number of GitHub commits for the eighth-largest crypto project increased slightly from 5,623 in March to 5,723 in April, while the total number of contributors is remained stable at 111.

Cardano is changing hands at $0.780 at the time of writing, down 13% from its seven-day high of $0.897.

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