The recent growth in the total number of wallets coincides with an impressive surge in ADA’s price.
Cardano (ADA) has welcomed over 49,000 wallet addresses since the start of March, as it recently reached the milestone of 4 million wallets. This impressive increase in the total number of wallets underscores the growing demand pumped into ADA.
Cardano began the month with 3,962,583 wallets when ADA’s price hovered around the $0.36 territory. Notwithstanding, the total number of wallets saw an exponential increase despite a steep decline in ADA’s price, which plummeted to a 2-month low of $0.3022 on March 10.
Following a relentless surge in the number of wallets, Cardano’s total wallets finally crossed the 4 million wallet threshold on March 21. At a current total of 4,011,653 wallets, Cardano has welcomed 49,070 wallets since the beginning of March.
This number continues to increase. It bears mentioning that Cardano saw an addition of up to 54,050 wallets in February and 63,639 wallets in January, per data from Cardano Blockchain Insights. Overall, the network has welcomed 166,759 wallets so far this year.
Cardano Price Action
Shortly after the 4 million wallet milestone was reached, crypto analyst Alexander Legolas highlighted why the feat is significant for ADA’s price action.
#CARDANO’s Growth Is About To Get In Overdrive. A Thread 🧵 🪡#CARDANO just breached the 4 Million Wallet Mark, the reason this number is significant is #Ethereum was at 4,095,465 wallets in July 2017 in a Bull market as Ethereum’s #DEFI protocols were being built out & pic.twitter.com/8y5Gt1NbK8
— Alexander Legolas (@ShillMoBaggins) March 23, 2023
Legolas pointed out that Ethereum and BNB experienced their respective bull runs shortly after their wallet addresses crossed the 4 million thresholds in July 2017 and February 2021, respectively. He highlighted that both networks hit the milestone during a market-wide bull run and at a time when their DeFi ecosystems were coming alive.
Cardano’s DeFi ecosystem is seeing a massive upgrade due to the demand triggered by several protocols. As a result, its TVL has reached 421 million ADA, nearly overtaking the ATH value of 424 million ADA last March. Cardano is reaching these heights despite the prevalent bear market.
Considering this, Legolas posited that ADA could follow ETH and BNB, shooting to an ATH price in the next market-wide bull run. Moreover, as previously reported, ADA has shown some modest decoupling signs as it registers massive gains.
The asset has gained 7.66% in the past 24 hours, currently trading for $0.3835 as of press time. It is currently the second biggest gainer on the top ten list of largest assets, only behind XRP.
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