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Cardano (ADA) Adds Over 70,000 New Wallets within a Month despite Market Volatility

Cardano ecosystem has been recording tremendous growth since the implementation of the Alonzo hard fork in September 2021, which implemented smart contract functionality on the proof-of-stake (PoS) blockchain.

This notable growth is based on new features and updates, including buyer interest as over 2,000 new wallets are being created on the network on a daily basis over the past month despite market volatility.

Read Also: Hoskinson Responds To Buterin’s Opinions On Ethereum: “It’s Not Too Late to Come to Cardano”

According to data from Cardano Blockchain Insights, on the 19th of April, there were 3,268,890 Cardano (ADA) holders compared to 3,339,101 on the 19th of May. This indicates the addition of 70,211 ADA addresses within a month and an average of 2,340 daily addition.

Cardano (ADA) Adds Over 70,000 New Wallets within a Month despite Market Volatility
Image Source: Cardano Blockchain Insights

Moreover, Cardano whale transactions also hit a 4 month high as large players took advantage of the bear market to buy the dip. Data shows that Cardano whales’ activity started surging on May 12th after ADA price bottomed out at $0.40.

Cardano (ADA) Keeps Making Notable Marks

Notably, Cardano added over 70 smart contracts a week as more developers joined the blockchain. The leading PoS blockchain added 283 Plutus (a Cardano-based smart contracts platform) scripts, going from 2,400 on the 8th of April to 2,683 on the 8th of May 2022.

Read Also: Crypto Capital Ventures Founder Describes Cardano as the Most Sound, Secure, and Scalable Blockchain

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Cardano is now preparing for the Vasil hard fork, which is scheduled to take place in June 2022. The major upgrade is specifically designed to expand the protocol and massively enhance its transaction throughput, including volume and liquidity.

At the time of filing this report, Cardano (ADA) is trading at $0.5244, with a relatively 1% price uptrend in the last 24 hours.


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Solomon Odunayo
Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.
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