Fundamental growth of Cardano does not seem to be stopping despite negative performance of the underlying ADA coin
The number of holds on Cardano recently topped 3.6 million wallets as the price of the underlying coin bottomed out at $0.8 in March, according to on-chain and market data aggregator Messari.
The increasing number of Cardano holders suggests the overall growth of the network despite the questionable market performance of ADA cryptocurrency. The divergence between market and fundamental factors may be a reassuring factor for long-term holders of Cardano as the market performance of the asset usually catches up with the growth of the project.
Currently, addresses holding around 100 ADAs are the largest representatives of the network, while only 3,042 holders have more than one million ADAs in their balance. Compared to other networks, it is clear that ADA has more millionaire whales compared to similar networks. Such a distribution is also possible due to the relatively low price of ADA in the market.
Cardano market performance
ADA has, in fact, reached the 2022 absolute bottom in terms of a price, as it now trades around $0.78. Such a strong drop occurred after Cardano pumped by 55% following the growing number of DeFi solutions on the network.
Previously, ADA was trading in the prolonged downturn caused by the speculative nature of ADA’s latest pump, fueled by the announcement of smart contract technology. The problem was that the first working solutions on ADA were delivered months after release, which is why the market lost interest in the coin.
