Cardano (ADA) Wallet Rapidly Increases Surpassing 3 Million

Altcoin News

• Cardano Blockchain Insights estimates that 69% of ADA has been staked.
• BTC consumes 131.0 TWh per year, whereas Cardano uses 0.00277429 TWh per year.

There has been a massive growth in the number of Cardano’s ADA coin wallets. There have been 4,565 new wallets added to the network per day since the beginning of February. Cardano Blockchain Insights reports a 3.66 percent growth in the total number of Cardano wallets between February 1, 2022, and February 24, 2022.

Short in Supply Due to Staking

Staking holds a large portion of ADA. Cardano Blockchain Insights estimates that 69% of ADA has been staked, putting the currency in short supply and driving up the price. Finbold estimates that on February 3, the number of wallets containing ADA exceeded three million. There were 3101997 wallets as of February 24. Since the beginning of 2021, the number of Cardano wallets has grown by a staggering 13,000 percent year-on-year.

As new evidence shows Cardano’s more significant energy efficiency, curiosity has increased. Put another way; it uses 47,000 times less energy than bitcoin’s proof-of-work consensus process while maintaining the same level of security and privacy. Bitcoin consumes 131.0 TWh per year, whereas Cardano uses 0.00277429 TWh per year. Annually, Bitcoin uses more energy than Ukraine and Norway. 

Because there can never be more than 45 billion ADA in existence, ADA’s deflationary state speaks well for its future. To date moreover, 32 billion ADA coins have been exchanged hands. Bitcoin and Ethereum have been progressively rising after the recent bloodbath.

According to CoinMarketCap, the Cardano price today is $0.897742 USD with a 24-hour trading volume of $1,424,185,860 USD. Cardano has been up 2.25% in the last 24 hours.