Cardano Wallet Count Reaches 3.6 Million Despite Last Week’s Price Drop

  • Despite dropping by 9% last week, Cardano still stands strong as the total number of wallets rapidly grows and currently sits at 3.6 million, according to Messari.
  • The on-chain data analyzer also indicates that 3k out of the total 3.6 million hold over 1 million tokens, which means there’s a higher than usual percentage of big investors.

Cardano Adopts a Community-Based Development Approach

One of the reasons for Cardano’s success is accessibility. Cardano (ADA) is available at $0.85 for a unit at this time, making it easy for both small-time investors and whales to grab a piece of the pie.

Furthermore, Input Output HK, the parent company, recently revealed that there are 900 projects in progress on the blockchain right now. One of them is Lending Pond, the first-ever NFT loan platform, already holding a trading value of 90,000 units after the first week.

Stablecoins Coming into ADA Blockchain Soon

The next step for Cardano is launching stablecoins on its blockchain. This was proudly announced by founder Charles Hoskinson, claiming that USDC and Tether are going to be the safer option during up-and-down market conditions.

Tether and USDC will come in wrapped tokens, which serve as a virtual vault, so the wrapped assets are equal in price to the original assets. This new feature will come to light together with the installation of the ERC-20 version of the stablecoin.

Cardano Price Is Yet to See Any Significant Increase

In spite of having a whirlwind of activities inside the ecosystem of ADA, the cryptocurrency peaked only at $1.26 since February and isn’t even at half of its ATH of $2.96. This all-time high was mainly achieved because of smart contract introduction.

At the current price, only 9% of the account holders have profited. A whopping 88% of wallet owners are in a deficit, while 3% are breaking even.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Tadas Klimasevskis is a blockchain journalist and content creator, focusing on the latest tendencies of the crypto world and digging deeper into specific innovations like music NFTs, gaming NFTs and Metaverse. Vast experience in social media lets Tadas quickly spot what’s going on in the crypto industry and deliver a story with a unique spin.