The Cardano network has hit a new record of over five million addresses, (Cardano Holders) that are now active on the network, representing a year-to-date rise of 48 percent.
According to the network’s fundamental growth, the rapid expansion in users is correlated with the rapid development in the number of decentralized applications and solutions available on the network.
In March 2021, the Cardano network had around 2.6 million addresses, according to the latest available data. With the advent of Cardano smart contracts technology, the number of addresses has increased dramatically, as can be readily seen by comparing both the televisionL and the number of holders metrics.
The Reason Cardano Holders Increased? Dapps
Cardano may have a “second wind” in terms of development and fundamental growth as a result of the increasing demand for decentralized financial services. The price of ADA has scarcely changed since the bullrun that began in 2017. This demonstrates plainly how things were going before the release of the new revolutionary technology was announced.
In less than a month after the announcement of the new technology powered by Cardano, the price of ADA increased by about 200 percent. However, the announcement’s impact on the price was mostly speculative, resulting in ADA being a very overbought asset. As soon as the imbalance between sell and purchase orders became apparent, the market was unable to absorb the selling pressure, resulting in the asset plummeting to new lows as a result.
Since the introduction of smart contracts, the price of ADA has decreased by more than 70%. However, as the number of decentralized solutions and applications on the network continues to rise, it has the potential to recover more than 40% in the remaining trading weeks. It would be interesting to see the number of Cardano Holders increase in the same rate it does now.