After expanding by 10.9 percent in January and 5.78 percent in December, the number of addresses holding Cardano ($ADA) for the long term increased by 32.1 percent last month to 408,000, indicating that holders are continuing to accumulate the cryptocurrency.
According to CryptoCompare’s latest Asset Report, the number of addresses owning ADA increased 5.9% to a new all-time high in February, owing to an increase in long-term holders and a 13.4% increase in cruisers, which increased to 3.62 million addresses. The network’s total number of dealers fell by 25.2 percent to 770,000.
The amount of monthly transactions on the Cardano blockchain declined 28 percent to 2.73 million last month, according to the research, as the “excitement of the introduction of SundaeSwap faded” and the macroeconomic climate remained unpredictable. In addition, the number of daily active addresses on the network fell by 20.6 percent to 129,000.
It presently leads Cardano’s decentralised financial field in terms of total value locked, followed by Minswap, whose total value locked just climbed by 400% in a week. While DeFi traffic on the network has increased, the price of ADA has fallen for six months in a row.
As previously reported, whales on the cryptocurrency’s blockchain have been on a purchasing spree, increasing their holdings by more than 40% so far this year. Cardano is aimed at investors with a million to ten million dollars in their accounts. ADA’s balance has risen to a new high of 12 billion ADA, which is worth nearly $10 billion.
Notably, Singapore-based cryptocurrency trading site Bitrue announced the addition of ADA as a base currency on its exchange last month, along with the debut of nine new trading pairs.
It’s important to remember that the base currency is the first currency in a currency pair. It denotes the amount of the second currency – the quote currency – required to obtain one unit of the base currency.
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