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Cardano adds over 450,000 wallets to its network in Q1, 2022, around 5,000 daily

Cardano adds over 450,000 wallets to its network in Q1, 2022, around 5,000 daily

The Cardano blockchain has undergone tremendous growth over the previous year, as indicated by the rise in the number of wallets holding the network’s native token, ADA.

Notably, in the first quarter of 2022, the largest Proof-of-Stake (PoS) asset added 453,121 wallets between January 1 when the number of wallets stood at 2,666,372, and March 31 3,193,445, according to the statistics from Cardano Blockchain Insights.

Indicating that within this time Cardano added over 5,000 wallets daily to its network, resulting in a 19.76% rise in the total number of wallets in Q1 alone.

ADA Wallets. Source: Cardano Blockchain Insights

It’s also worth mentioning that since the start of 2022 the ADA has increased the total number of wallets by over 500,000 as Cardano hit the 3 million wallet milestone earlier this year at the start of February.

Growth of ADA ecoystem

In particular, the rise in the number of wallets in Q1 has moved in tandem with the network’s rapid expansion.

According to Finbold’s report on the 11 ways Cardano plans to scale in 2022, the changes have boosted ADA’s value, which has led to additional interest from investors including institutional investors as the number of on-chain transactions over $100,000 climbed 50x in 2022.

In the last week alone, ADA holders with supplies worth between $100 and $100,000 have reached an all-time high of 16.8% of the available supply, while Finbold also reported the number of Cardano-based smart contracts surpassed the 2,000 mark for the first time ever.

As the price of Cardano begins to show signs of recovery, the cryptocurrency community anticipates that its value will continue to rise. Earlier this month, Finbold revealed that the Cardano community at CoinMarketCap predicted that the cryptocurrency will trade at $1.35 by the end of April 2022.

Finally, a rally in the build-up to the Vasil hardfork, scheduled for June which is likely to improve the platform’s transaction throughput, as well as increase volume and liquidity, will be closely watched by speculative investors.

As things stand, Cardano is currently trading at $1.20, down marginally 0.03% on the day and 1.44% in the last week.

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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