Over the past several days, Cardano (ADA) has seen a significant spike in the creation of new wallets.
More precisely, there has been a notable increase in acceptance and interest in the Cardano network, as evidenced by the fact that the number of new ADA wallets each day increased from 1,706 on February 22 to 3,219 on February 24.
This increase coincides with ADA’s current price of $0.5861, which saw increases of 1.6% vs the US dollar and 1.4% versus Bitcoin over the course of a 24-hour span.
The growing number of wallets indicates that people are becoming more aware of and confident in Cardano’s potential.
Continued growth
Even if the number of new ADA wallets has increased recently, this rise should be seen in the context of the Cardano network’s overall tendencies.
Notably, the network saw a record 5,414 new wallets created in a single day on February 2, however this is still less than the daily production of new wallets.
In spite of this, there are now over 1.3 million delegated wallets—wallets that use the network’s proof-of-stake consensus mechanism—and the overall number of Cardano wallets is almost at 4.6 million. The Cardano ecosystem has a strong and growing base thanks to its ongoing expansion, despite the ups and downs of market conditions.
Investor sentiment and wallet distribution
Wallets with between 0 and 10 ADA witnessed a rise of 1.06% during the previous 30 days, according to statistics from IntoTheBlock. This suggests that the number of novices or small-scale investors in the Cardano ecosystem is increasing.
On the other hand, wallets holding between 10 and 1,000 ADA typically saw a drop, and wallets holding between 100 and 1,000 ADA saw a drop of 0.54%.
It’s interesting to note that bigger investors, especially those with 1 million to 10 million ADA, witnessed a gain of 1.01%, while the 10 million to 100 million ADA bracket saw an even greater rise of 2.14%. According to this statistics, the investor base is becoming more diverse, with both small and major investors making adjustments to their positions in reaction to changes in the market.
