Cardano is struggling to grow its user base amidst increasing challenges from new blockchain platforms like Solana and Base.
According to IntoTheBlock, the number of addresses holding ADA has remained steady at about 4.45 million for over a year, indicating stagnant growth.
Cardanoâs number of addresses with a balance has hovered around 4.45 million for over a year. Here's what's going on
During the last cycle, Cardano experienced significant growth, positioned as a strong alternative to Ethereum. However, in the current cycle, the network faces⊠pic.twitter.com/WJrnAP8FQZ
â IntoTheBlock (@intotheblock) August 13, 2024
Despite significant price fluctuations, Cardanoâs user base has shown resilience, with consistent address growth since mid-2021. However, recent trends show a shift of interest towards newer competitors, making it difficult for Cardano to attract new users.
The network continues to handle around $7.2 billion in daily transactions, suggesting robust activity despite these challenges.Â
Cardanoâs Network Value to Transactions (NVT) ratio is low at 2.62, which could imply that ADA is undervalued relative to its usage.
The percentage of ADA held by long-term investors is also strong, with 40% of the total supply in their hands, signaling ongoing confidence in the platformâs potential.Â
Currently, ADA is priced at $0.336, holding a market cap of $12.07 billion.
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