Cardano (ADA) is making waves in the cryptocurrency market as on-chain data reveals a surge in wallet creation, signaling a growing adoption of the blockchain network. Over the past month, there has been a substantial increase in the number of new Cardano wallets being created, indicating a rising interest in the platform.
According to data from Cardano Blockchain Insights, there was an impressive jump of nearly 90% in wallet creation from 1,706 on February 22 to 3,227 on February 23. Although the growth rate has slightly slowed since then, the overall trend remains positive, with the total number of wallets approaching 4.6 million.
Diverse Investor Base Emerges On Cardano
The distribution of ADA holdings within the wallets reveals a diverse investor base on Cardano. While wallets with 10 to 1,000 ADA experienced a slight drop, particularly those with 100 to 1,000 ADA, which saw a 0.54% loss, larger investors saw an increase in their holdings. Wallets with between 1 million and 10 million ADA displayed a rise of 1.01%, while those with 10 million to 100 million ADA witnessed an even more notable growth of 2.14%.
Long-Term Holders, Potential Price Impact
Data analysis from IntoTheBlock indicates that a significant number of ADA tokens have been held in wallets for over a year. A staggering 3 million tokens have been held by long-term holders, highlighting their confidence in the potential of Cardano. Additionally, 1.23 million tokens have been held for one to twelve months, while 231,550 tokens have been held for less than a month.
Meanwhile, in a recent X post, analyst Ali Martinez expressed his pessimistic opinion that ADA was probably about to undergo a correction.
