Cardano’s Retail Interest Is Growing Rapidly, Chain Data Shows


As Cardano (ADA) price begins to shift to keep up with generally positive cryptocurrency market sentiment after a tough time, retailer interest in the digital asset is rising with it, a recent analysis of data shows. string data.

In fact, the balance held by merchants (retail investors) or addresses holding ADA for less than a month increased by 186.19% in just 30 days, according to the data. share by cryptanalytic platform InTheBlock May 4.

Source: InTheBlock

According to the tweet:

“These addresses now collectively hold 36.14% of the ADA supply.”

At the same time, the number of hodlers (holding the token more than a year) increased by 6.20%, while the number of cruisers (holding between one and 12 months) increased by 10.49%.

A series of positive events

Notably, the recent development comes just after Cardano whale addresses holding 1-10 million of the token were seen accumulating the digital asset, adding more than 196 million ADA over five weeks after a seven-month frenzy that has saw 1.7 million dumped ADAs, as Finbold reported on May 3.

Additionally, the network reached two more milestones in mid-April. Specifically, he registered 400 new projects relying on him in as little as a month, bringing the total number of such projects to more than 900.

Source: Tim Harrison

At the same time, it added almost 100,000 wallets in the first quarter of 2022, an average of 5,000 per day.

On top of that, the Cardano ecosystem continues to grow as it recently increased its block size by 10% in a bid to speed up transactions as the community anticipates its upcoming hardfork Vasil which is also guaranteed to increase the transaction throughput.

Indeed, these updates are all listed and explained in the larger plans devised by development company Cardano Input Output HK to scale the network, increase its capacity and optimize performance in 2022.

Cardano Price Analysis

In the meantime, the CoinMarketCap crypto community is bullish on Cardano, having predicted that its price by the end of May will reach an average of $1.26, which would represent a 53.75% increase from its current price. which at press time was $0.8195. .

According to data from CoinMarketCap, the current price of Cardano represents a 3.33% improvement on the day, but is still 2.50% lower from seven days prior.

Warning: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.


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