What you need to know about this Cardano milestone
Plenty of traders and investors, of late, have been following the recent surge in dog-themed coins. However, amidst this meme coin chaos, it’s important not to forget Cardano. Given that, the altcoin recently marked a significant milestone.
On 2 November, the Cardano Community account tweeted that it had reached over two million ADA wallets.
?OVER 2 MILLION ADA WALLETS?️
It wasn't long ago that we were celebrating hitting our 1 million mark and now we hit a whopping 2 million #ada wallets!#Cardano #CardanoCommunity@F_Gregaard @IOHK_Charles @IOHKMedia @InputOutputHK pic.twitter.com/x40pri9tjN
— Cardano Community (@Cardano) November 1, 2021
Is it, a psychological number, or is there more to it?
Crypto researcher Max Maher previously compared both Cardano and Solana using several metrics. In his comparison, Cardano naturally topped Solana in most areas, assuredly due to a larger market cap.
However, Maher declared that Solana’s total wallet [with more than $2] addresses’ percentage gain of 22.59% in a month was “mind-blowing.” Further, he compared this to Cardano’s “massive” gain of 10.92% in the same period.
Coming to some more recent data, CoinShares’ Digital Asset Fund Flows Weekly report showed that Solana’s inflows were approximately U.S. $15 million, while Cardano’s inflows were around the U.S. $5 million.
So, what do ADA owners need to keep in mind?
In 2020, Cardano’s 80x spike from $0.036 to $3.1 caught the attention of many hopeful traders. However, its price performance in 2021 was less meteoric. And, the market cap had been hovering around $62 billion.
As previously reported, while early investors might still benefit from a hypothetical 3x spike, those who just recently started investing in ADA might look at Cardano’s competitors – like Solana – as well.
Cardano goes abroad
Even so, the now fifth-biggest blockchain by market cap is going places. In a recent development, developer Input Output HK’s identity management project, Atala Prism, got on the Project Management Institute’s list of most influential projects this year.
Importantly, Atala Prism came as a result of IOHK’s partnership with Ethiopia’s Minister of Education for a blockchain-based database aimed at students. According to an IOHK official, Cardano was also looking into developing a digital ID system for students and academics in the country.