Cardano (ADA) Adds Over 70,000 New Wallets within a Month In Spite Of Market Instability

Cardano ecosystem has been recording huge growth since the introduction 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 daily over the past month despite market volatility.

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As stated by 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.

However, Cardano whale transactions also hit a four-month high as large players took the opportunity of the bear market to buy the dip. Data reveals that Cardano whales’ operation commenced plunging on day 12th after ADA price bottomed out at $0.4.

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.

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Cardano is presently preparing for the Vasil hard fork, which is dated to hold 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 Writer’s time, Cardano (ADA) is trading at $0.5244, with a relatively 1% price uptrend in the last 24 hours.

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