Cardano explodes as its ecosystem reaches over 8M native tokens and more than 4M unique wallets - Can the ADA price follow suit?
Source: Immersion Imagery - Shutterstock According to its most recent Monthly On-chain statistics , unique wallets on the network have crossed 4 million, while transactions carried out in March have hit...
Source: Immersion Imagery - Shutterstock
- According to its most recent Monthly On-chain statistics , unique wallets on the network have crossed 4 million, while transactions carried out in March have hit 64 million.
- Expectations for Cardano (ADA) price are high, as community members maintain optimism, hoping that on-chain performance can influence ADA’s price in April.
The Cardano blockchain is taking no days off, as its network continues to expand its reach, value and overall development. Cardano has been one of the most talked about network’s in the crypto community, and the conversation is likely to continue as the network has just hit a new milestone.
Taking to Twitter, Cardano shared six metrics that highlighted Cardano’s progress throughout the month of March. On its monthly-chain statistics report, Cardano’s native tokens have soared by 2.63%. This brings the total number of Cardano tokens to a staggering 8.07 million.
#Cardano Monthly On-chain Growth 🚀
🎉 Over 8 MILLION native tokens
🎉 Over 4 MILLION wallets #CardanoCommunity #blockchain pic.twitter.com/WNWfIm5CoR
— Cardano Foundation (@Cardano_CF) April 5, 2023
The number of users on the Cardano network has seemingly skyrocketed in the month of May. There was a notable 2.96% increase in the number of transactions carried out on the Cardano blockchain last month. The total number of transactions on the network, at the close of March, hit a whopping 64 million.
Wallet holders did not slow down as well. As the network boomed, wallet holders increased as more users trooped into Cardano. Up by 1.44%, the number of wallets hosted by Cardano is now sitting at 4.02 million. Similarly, delegated wallets are up by 0.49%, as a result, the total number of delegated wallets is now totaling 1.28 million.
Cardano is committed to improving its network policies, and last month was no different. With the continuous network growth, it is only expected that policies will surge. In March, policies shut up by 1.40%, bringing the total to 71,160.
Plutus Scripts crossed 5,000 in March
The number of Plutus scripts on Cardano has also taken an upclimb. Plutus scripts are scripts that are used to validate a network action. Cardano’s Plutus scripts have now reached 5,234 after surging by 1.67% in the month of March.
With Cardano’s network growing at a significant pace, the month of April being the start of the second quarter of the year, is extremely promising. The on-chain statistics are poised to be even more impressive than that of March, as the metrics for each section are likely to skyrocket.
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With the encouraging on-chain metrics, members of the Cardano community are anticipating a positive response from Cardano’s native token ADA. Hoping that the bullish on-chain metrics can influence the price of Cardano (ADA), expectations for April are very high.
At the time of this report, ADA like many other altcoins is nursing notable losses. In the last 24 hours, ADA has dropped by more than 0.71%. Added to its 7-day loss, ADA has shed more than 4% of its value. However, in the last hour, selling pressure from the bears has lessened slightly. Hourly gains are sitting at 0.44% at present, and prices are fluctuating between the $0.37 and $0.38 price levels.
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