Cardano Faces Major Milestone of 700,000 Users

Cardano

Cardano is about to celebrate another major achievement despite the turmoil on the cryptocurrency market

According to Cardano Insights Twitter account, the project is set to celebrate 700,000 users on their subreddit as the number of open wallets on the network tops 3.6 million.

The Cardano community is expected to see the 700,000th user joining the subreddit in about two weeks, which will make the Cardano network one of the biggest crypto communities on the site.

Cardano Insights also added that most blockchain-interested users are using outdated wallets with no support for decentralized applications, which has become a major factor for further development of the network.

While the rising number of reddit users may not reflect the positive sentiment of ADA traders or investors, it is still a strong fundamental factor that speaks in favor of the growth and rapid development of the network.

ADA market performance

Despite the project’s fundamental growth, Cardano still fails to bring positive performance to the market, with the network’s underlying cryptocurrency losing more than 80% of its value since September and still failing to enter a recovery. .

In the December-March period, ADA had at least three attempts to break through the massive downtrend by entering a short-term 20-40% rally that should have become a catalyst of a retrace but failed to do so because of the massive selling pressure caused by the low profitability of the asset.

According to data from IntoTheBlock which is no longer available, Cardano’s profitability was close to being one of the weakest in the cryptocurrency market. Compared to Ethereum’s 60%, ADA’s profitability remained below 15%, making it one of the worst performing digital assets.

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