According to Messari, an on-chain and market data aggregator, the Cardano hold count just surpassed 3.6 million wallets while the underlying coin’s price touched a low of $0.8 in March.
Despite the ADA cryptocurrency’s poor market performance, the growing number of Cardano holders reflects the network’s overall growth. The divergence between market and fundamental factors may be comforting for long-term Cardano investors, since the asset’s market performance generally catches up with the project’s growth.
Addresses with about 100 ADA are now the network’s most prominent representation, with just 3,042 holders having more than 1 million ADA on their balance. When compared to other networks, it is clear that ADA has a higher proportion of wealthy whales. Due to the relatively cheap market price of ADA, such distribution is also conceivable.
The market performance of Cardano
In terms of price, ADA has reached the 2022 absolute low, now trading at $0.78. Such a sharp decline happened when Cardano pumped by 55% in response to the increasing number of DeFi solutions on the network.
