Cardano’s ADA Struggles With Price, But Community Grows Stronger
Cardano (ADA) stands out in the turbulent world of cryptocurrency not only because of the price action of its native token but also because of its growing, dedicated community. While the price of ADA may...
Cardano (ADA) stands out in the turbulent world of cryptocurrency not only because of the price action of its native token but also because of its growing, dedicated community. While the price of ADA may fluctuate, the community’s enthusiasm and trust remain unwavering.
Cardano has gained a lot of knowledge in the last few months. According to data compiled by Finbold from Cardano Blockchain Insights, the number of unique wallet addresses on its network increased by 6% between April 1 and August 29, growing from 4.02 million to 4.26 million. This surge equates to an average of 1,600 new wallets produced daily for the next 151 days.
Cardano had a memorable day on June 10. The network saw the creation of roughly 4,000 new wallet addresses, which marked a new record. On the other hand, July 18 was a calm day, with only one new wallet being introduced.
However, as the community increases, ADA prices have declined. It dropped from $0.40 per unit on April 1 to $0.26 at the time of the article, a 35% drop, while the network showed constant growth in the same period. A quick look at the crypto market reveals a similar picture, with ADA down 4.75%.
The disparity between community growth and ADA pricing may appear confusing, but it highlights the community’s resilience. Their confidence in the platform’s value and adoption may be more significant long-term than the short-term price activity. If the demand for ADA rises in tandem with the growth of its ecosystem, its value may rise in the near future.
Cardano reached an all-time high market worth of $95 billion on September 2, 2021. With a current circulating supply of approximately 35.04 billion ADA, the token’s price might reach nearly $2.71 if it ever returns to its peak.
While short-term price points may concern investors, Cardano’s growing community and ecosystem hint at a brighter future in the long run. The collective belief of its users, as well as the usability of the platform, maybe the driving elements behind ADA’s future success.
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