Although the price of Cardano (ADA), the fifth-largest cryptocurrency by market capitalization, has been trending sideways over the past weeks, the number of wallets and usage on the blockchain has not seized to increase.
According to a tweet recently shared by the Cardano Community, the blockchain has witnessed a rise of the total number of ADA wallets to two million.
Cardano Community tweeted, “OVER 2 MILLION ADA WALLETS. It wasn’t long ago that we were celebrating hitting our 1 million mark and now we hit a whopping 2 million ADA wallets!”
🎉OVER 2 MILLION ADA WALLETS🥳️
It wasn't long ago that we were celebrating hitting our 1 million mark and now we hit a whopping 2 million #ada wallets!#Cardano #CardanoCommunity@F_Gregaard @IOHK_Charles @IOHKMedia @InputOutputHK pic.twitter.com/x40pri9tjN
— Cardano Community (@Cardano) November 1, 2021
In late May 2021, Cardano (ADA) hit its previous all-time high of one million. On 1st January, the Cardano community had only 203,519 ADA wallets. This indicates that the number of ADA wallets surged by 5 folds within five months and has grown by another 1 million wallets between 23rd May and 2nd November 2021.
Meanwhile, the price of Cardano (ADA) surged massively to hit a new all-time high of $3.10 on 2nd September prior to the implementation of smart contracts on the Cardano network through the launch of Alonzo on the mainnet.
Cardano (ADA) Usage on the Increase
According to Altcoin Daily, a popular crypto news channel, Cardano (ADA) usage has been on a massive increase despite the current state of its price in the market.
Captioning illustrative images, Altcoin Daily tweeted, “Cardano ADA usage trending up!”
— Altcoin Daily (@AltcoinDailyio) October 31, 2021