Cardano Prints Massive Uptick in New Wallet Count Amid Adoption Boom

Cardano (ADA) has seen a major uptick in its adoption as showcased by the surge in new wallets created on the network.

Data from Cardano Blockchain Insights shows that new Cardano wallets jumped from 1,706 on February 22 to 3,227 on February 23, indicating a massive 89% increase.

While the Cardano wallet growth has slowed since the February 23 timeline, it has not negated the positive uptick in its overall address count.

The Cardano Blockchain Insights platform showcased multiple Cardano metrics that prove adoption is growing across the board.

Cardano Wallet Overview

As far as the Cardano protocol is concerned, total wallets registered on the network have continued to chart an upward trend since January 27, per on-chain data.

In the space of 1 month, the total wallets on Cardano rose from 4,533,847 to 4,593,350 as of February 25. The chart presented by Cardano Blockchain Insights showed consistent growth within the 1 month.

When zoomed further, the new address count has shown unpredictable growth over the past month. From the 1,353 recorded on January 27, the figure climbed as high as 5414 on February 2.

While the Cardano blockchain kept seeing the emergence of new wallets, this February 2 peak has not been recorded in the past 4 weeks. 

To showcase how robust the Cardano protocol is, Delegated Wallets in the ecosystem also recorded an uptick in total count. This metric jumped from 1,333,754 as of January 27 and now sits at 1,338,757.

Cardano Address Distribution

Cardano’s wallet uptick comes at a time when ADA is in need of a major redemption, seeing its price and market cap have dropped by 1.17% in 24 hours to $0.5809 and $20,608,745,752.

This downturn might seem like a much-needed change riding on the influence of Cardano’s long-term HODLers that might continue to drive ADA scarcity.

Data from IntoTheBlock pegs wallets with a holding time of more than 1 year at 3 million. Those holding from 1 month to 12 months are 1.23 million, while those that have held their tokens for less than a month come in at 231,550.

With the long-term holders in the majority, it shows most investors have continued to keep custody of their ADA tokens for much longer than expected. This might have a positive influence on the price over time.