Cardano ($ADA) Network Adds Over 70,000 Wallets in 30 Days Even as Price Tanks

The number of wallets holding the $ADA token on the Cardano blockchain has grown by little over 70,000 over the last 30 days, even at a time in which the cryptocurrency’s price plunges along with the rest of the crypto market.

According to  Cardano blockchain insights shared on Google’s Data Studio by the Cardano Fans Stake Pool, first spotted by Finbold, on average well over 2,000 wallets were added to the Cardano network per day over the past 30 days, as total figures top 70,200.

Data shows that on April 19 the network had a total of 3.268 million holders, while on May 19 the figure reached 3.33 million holders. The rapid rise in the number of wallets holding ADA came during a month in which retail interest in the cryptocurrency has been “rapidly rising.”

According to data shared by IntoTheBlock earlier this month, ahead of Terra’s collapse retail wallets had increased their holdings in ADA by more than 186% to collectively hold over 36% of the cryptocurrency’s supply. After the crypto market started crashing over LUNA’s downfall, new ADA wallets have kept on being created at a rapid pace.

More recent data has shown that ADA whale transactions have shot up to a 4-month high after the price of the cryptocurrency plunged to a bottom at $0.40 earlier this year. Whales were seemingly buying the dip ahead of an upcoming hard fork that will improve the network’s performance.

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Market data shows that Cardano is currently trading above the $0.50 mark even after losing over 40% of its value over the past 30 days.

ADAUSD Chart via TradingView

As reported, Cardano whales have recently reentered an accumulation trend after selling off their holdings over a 7-month period that saw them dump a large amount of ADA on the market. ADA investors have been seemingly holding onto their funds throughout the bear market. Data from Coinbase’s price pages shows ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over four months before “selling it or sending it to another account or address.”

The accumulation and growing number of ADA wallets come ahead of the Vasil hard fork, which is scheduled for June. The hard fork, according to Cardano founder Charles Hoskinson, will deliver a “massive performance improvement” to the network.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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