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ADA holders can expect demand to kick in thanks to…

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Cardano (ADA) holders have kept on accumulating as the native token played in the discount zone. In the current market structure, the investors have taken advantage of price dips. Since December 2019, the price of ADA exploded to a $3 all-time high before entering a downtrend, affected by the wider cryptocurrency market.

Holding on 

Despite the given circumstances, the number of Cardano wallets, at press time, was on a linear rise. It rose by 3.66% since the beginning of February 2022. Growing from 299,241,7 on 1 February to 3,101,997 on 24 February. This represented a total increase of 109,580, according to the statistics on Cardano Blockchain Insights.

Interestingly, a total of 4,565 new wallets have been added to the network on a daily basis since February 2022. On 4 February, Cardano wallet surpassed three million wallets of its native cryptocurrency ADA. These wallets are now active on the platform, up from just over 200,000 at the start of 2021.

Metrics say this

According to data shared by IntoTheBlock, ADA holders have seemingly been unfazed by Russia’s military actions and their potential ramifications. In fact, they have kept on accumulating to the point that HODLers increased their position to more than 10 billion.

 

The firm’s data shows HODLers have accumulated more in the summer of last year when the price of ADA traded between $1.5 and $1. The data shows that every time the price fell below the $1 mark, investors bought the dip. However, Russia’s invasion of Ukraine, coupled with rising inflation, has seen the price of ADA plunge below that mark. Despite the drop, HODLers have kept on accumulating to now see their balances hit a multi-year high.

Interestingly, the #7 largest coin showcased a similar enthusiasm in its price. At the time of writing, ADA was trading at $0.89, with a fresh surge of 6% in the last 24 hours.

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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