Growth Of Cardano Wallets Spikes, Adding 30,000 In A Week

While the cryptocurrency market remains down, cryptocurrency projects like Cardano (ADA) are still registering growing network activity, and investors don’t seem to be concerned about the state of the market.

In fact, Cardano has seen a surge in wallet additions of 33,097 in a single week. Cardano Blockchain Insights data shows that as of November 13 there were 3,671,522 wallets on the decentralized finance (DeFi) platform, up from 3,638,425 on November 7.

The rise in interest in Cardano comes as the whole cryptocurrency market, which was already struggling before the FTX crisis, is still trading in the negative territory. Notably, the high-level crisis seems to have slowed the potential for a price bottom.

Charles Hoskison, the founder of Cardano, reportedly said that the FTX scandal might be the last catastrophe to affect the cryptocurrency business. It’s important to remember that the collapse of the Terra (LUNA) ecosystem in May contributed to the prolonged bear market.

Additionally, the growing interest in Cardano is consistent with the ongoing network expansion for the blockchain dubbed the “Ethereum (ETH) killer.” Hoskinson notes that Cardano is creating a new wallet called Lace at the same time, and that once it is launched, the network will probably have one billion members.

A lightweight multi-chain crypto wallet called Lace claims to be able to effortlessly connect Web2 and Web3 components to a single UI. Because it can combine identities, transactions, and apps into a unified experience, the wallet is seen as a game-changer for Cardano.

Overall, it is believed that one of the main catalysts for an increase in the price of ADA is the rising number of wallets. Before the FTX crisis hit the market, Cardano had recently tried to find a bottom.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.