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Cardano wallet addresses reach 3.6 million even as price drops

Oluwapelumi Adejumo

Cardano blockchain continues to see more adoption as the number of wallets holding its native token has reached 3.6 million, according to on-chain data aggregator, Messari.

Per Messari, most of these wallets on the network hold around 100 ADA, with over 3,000 wallets holding at least 1 million tokens. This means that the network has more whales than most of its competitors, which is largely due to its low price.

Cardano’s ecosystem is growing

Usually, an increase in the number of wallets holding a token suggests that the ecosystem is growing, and this is no different for ADA, whose parent company, IOHK, in a Twitter thread, revealed that there are about 900 decentralized applications currently being built on the blockchain.

According to the thread, the blockchain has seen its first non-fungible tokens (NFT) loan platform, the Lending Pond, enjoy a massive start to life in the industry. Per available information, the project recorded over 90,000 units of ADA within its first week of business.

Aside from that, the Cardano Summit NFTs were also officially launched, bringing Terra Virtua to Cardano. Already, more than 3000 Summit NFTs have been minted.

In addition, Emurgo, which is the commercial arm of Cardano, also partnered with Blockpass to provide on-chain KYC services for the Cardano ecosystem.

The thread also contained several other updates about new projects on Cardano, showing that there has been lots of growth in the ecosystem and more is being planned for users.

ADA’s price performance remains poor

However, despite the flurry of activities within the ecosystem, this is yet to translate into a positive price movement for the digital asset.

Per available data on CryptoSlate, the asset reached an ATH of $3.10 on the back of integrating smart contract capabilities into the blockchain.

However, since then, its value has only been able to touch as high as $1.26 within the last three months. Data from IntoTheBlock would also show that less than 10% of the coin holders are making a profit from their holdings, with a vast majority at a loss.

As of press time, ADA is trading at $0.83 after dropping by more than 2% in the last 24 hours.

Source: IntoTheBlock

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