- Cardano recorded a 55% increase of wallets due to more investors continuing to choose decentralized project.
- Both short-term and long-term ADA positions are in similar circumstances with significant declines
Cardano blockchain insights data indicates that there are currently a number of wallets on the Ethereum platform. Cardano [ADA] Network had gotten closer to four millions. This milestone means that the Proof-of-Stake Blockchain (PoS), was able to record more than 55% growth during the last year.
As of the writing date, wallets on ADA network had reached 3.753,590. This number proved that Cardano had experienced massive growth in spite of the volatile market conditions.
The ADA ecosystem tracker reports that over 100,000 wallets have been added to the blockchain since November’s beginning.
Source: Cardano Blockchain Insights
Read Cardano’s Price Prediction for 2023-2024
The remarkable increase in wallets may have been linked to the collapse of FTX, particularly as investors promised to switch to decentralized exchanges. Since Cardano’s network was primarily decentralized, it was likely that the increase signified a “vote of confidence” in the project.
There is no reason to HODL long-term.
Despite the hike, ADA’s long-term holders were still in severe torment. This was due to the fact that these ADA devotees suffered a massive loss in Market Value to Actual Value (MVRV). Santiment stated that the 365-day MVRV was -52.14%.
The 30-day condition was worse than the previous one, but it indicated that investors who had ADA in their pockets were not likely to double their assets’ value.
In reality, the decline in value was more of a trend towards the negative than a temporary respite. ADA was at the -1.238 mark on the z-score. This indicated that ADA was at the -1.238 point. Investors could have a chance to accumulate at this moment.
However, it did not mean that the ADA would stop falling, even though it was 89.78% lower than its all-time high.
Source: Santiment
Are wallets lending their hand?
Cardano also witnessed an increase in transaction participation, as the wallet count increased. Based on Santiment revelationsThe number of active addresses for ADA 24 hours jumped to 72,000. A seven-day count also saw an increase to 347,000. This indicated that the wallets were not only registered for dormancy. They had actually been contributing to the Cardano network’s deposits.
The situation was however quite different from the ADA circulation. The one-day ADA circulation was at 112.48 million as of press time.
The number of unique ADA was down by more than 100 percent. tokens There was little to no exchange of hands over the period. The token was not traded by short-term traders. It did not, however, mean that interest rates were declining.
Source: Santiment