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Cardano adds 250k new wallets since April despite ADA price drop

Cardano adds 250k new wallets since April despite ADA price drop

The Cardano (ADA) user base seems to get continuously bigger, showing strong resilience and interest from the Cardano community, even in a non-favorable scenario regarding price action for the native token ADA.

Notably, the number of new unique wallet addresses has grown 6% since April 1, going from 4.02 million wallets to 4.26 million wallets on August 29. The number of delegators also increased by 30,000 in this period.

Cardano adds 250k new wallets since April despite ADA price drop
ADA wallets and delegators. Source: Cardano Fans Stake Pool (CRFA)

New Cardano wallets in June

During these 151 days, the network registered an average growth of 1,600 new wallets per day, according to data retrieved by Finbold from Cardano Blockchain Insights on August 30.

Interestingly, June 10 was the day with the biggest amount of new wallet addresses created, recording close to 4,000 new wallets on a single day. While July 18 had only one new wallet registered in the network, being the worst-performing day since.

New ADA wallets per day. Source: Cardano Fans Stake Pool (CRFA)
New ADA wallets per day. Source: Cardano Fans Stake Pool (CRFA)

Cardano price analysis

Meanwhile, Cardano’s native token ADA went from a price of $0.40 per unit on April 1, to a current $0.26 per unit, at the time of publication. This makes for losses of around 35% in the same 151 days the network showed steady growth on new wallets.

Cardano ADA 3-month price chart. Source: Finbold
ADA 3-month price chart. Source: Finbold

As the whole crypto market sees a ‘red day’, Cardano continues to suffer, price regarding, with losses of 4.75% in a single day.

However, as long as Cardano’s network and ecosystem continue to grow in utility and adoption, the demand for ADA could also increase, which could lead to better price performance in the long term.

With a current circulating supply of around 35.04 billion ADA, one Cardano would be worth close to $2.71, if it manages to recover its previous all-time high market cap of $95 billion from September 2, 2021.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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