Cardano Experiences Main Milestone of 700,000 Users
As stated by the Cardano insights Twitter account, the project is about to celebrate 700,000 users on their subreddit as the number of wallets opened on the network exceeds 3.6 million.
The Cardano ecosystem is expected to see the 700,000th user joining the subreddit in about two weeks, which will make the Cardano network one of the biggest crypto communities on the site.
Read Also: Polkadot Recovers Another 7% Despite Bitcoin Slumps Below $30,000: Weekend Watch
Cardano insights also added that most users interested in the blockchain are using an outdated wallet with no support for decentralized applications, which became a major factor for the advanced growth of the network.
Despite the rising of Reddit users may not reflect the positive sentiment of ADA traders or investors, it is still a strong basic factor that speaks in favor of the development and fast growth of the network.
ADA market performance
Despite the fundamental growth of the project, Cardano is still failing to bring positive market performance to the table with the network’s underlying cryptocurrency losing over 80% of its value since September and yet failing to enter a recovery rally.
Read Also: Terra (LUNA) Trading Volume Spike 200% as Market Correct To a Death Spiral
In the December-March time-space, ADA had at least three attempts to break through the huge downtrend by entering a short-term 20-40% spike that should have become a catalyst of a retrace but failed to do so because of the massive selling pressure caused by the low profitability of the asset.
As stated by the no-longer-available data from IntoTheBlock, Cardano’s profitability was close to being one of the lowest in the cryptocurrency market. Compared to Ethereum’s 60%, ADA’s profitability stayed below 15%, making it one of the worst performing digital assets.
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
