As the price of Cardano (ADA) starts to follow the positive trend in the crypto market after the long-standing unfavorable trend, the retail interest in the crypto asset is also growing significantly with it, according to the recent on-chain data.
Going by the on-chain data provided by the analytics platform IntoTheBlock, the balance held by traders, retail investors, or addresses holding ADA for less than one month has increased by as much as 186.19% over only 30 days.
Also, the number of users holding Cardano (ADA) for longer than one year has increased by 6.20%, while the number of users holding the digital token between 1 and 12 months has grown by 10.49%.
IntoTheBlock tweeted, “Cardano retail interest is rapidly increasing. The balance held by traders – addresses holding for <30 days, has increased by 186% in just 30 days. These addresses now collectively hold 36.14% of the $ADA supply.”
@Cardano retail interest is rapidly increasing.
The balance held by traders – addresses holding for <30 days, has increased by 186% in just 30 days.
These addresses now collectively hold 36.14% of the $ADA supply. pic.twitter.com/CqwyDhY3zq
— IntoTheBlock (@intotheblock) May 4, 2022
Read Also: ChilledKong8885 Sold For 135,000 ADA on Cardano-Based NFT Marketplace, Charles Hoskinson Reacts
Notable Events Boosting Cardano (ADA) Fundamentals
Notably, the recent development comes right after the Cardano whale addresses holding 1 – 10 million of the token have been seen accumulating the cryptocurrency, adding more than 196 million ADA over five weeks following a seven-month-long spree that saw 1.7 million ADA dumped.
Moreover, the network reached two more milestones in mid-April. Specifically, it recorded 400 new projects building on it in as little as one month, bringing the total number of such projects to over 900.
Also, the network added almost 100,000 wallets in the first quarter of 2022, or an average of 5,000 daily.
On top of that, the Cardano ecosystem continues to develop as it has recently increased its block size by 10% in an effort to increase the network’s transaction speed as the community anticipates its upcoming Vasil hard fork, which also guarantees the increase of transaction throughput.
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