Cardano: It adds 250 thousand new wallets since April despite its price drop.

The user base of Cardano (ADA) appears to be continuously growing larger.

The user base of Cardano demonstrates strong resilience and interest from the Cardano community, even in an unfavorable scenario regarding the prices of the native ADA cryptocurrency.

Specifically, the number of new unique wallet addresses has increased by 6% since April 1st, growing from 4.02 million wallets to 4.26 million wallets as of August 29th.

New Cardano Wallets in June

During these 151 days, the network recorded an average growth of 1,600 new wallets, according to data retrieved by Finbold from Cardano Blockchain Insights as of August 30th.

Interestingly, June 10th marked the day with the highest number of new wallet addresses created, registering almost 4,000 new wallets in a single day. While on July 18th, only one new wallet had been registered on the network, which was the day with the lowest performance since then.

Cardano Price Analysis

Meanwhile, Cardano's native cryptocurrency ADA increased from a price of $0.40 per unit on April 1st to a current $0.26 per unit at the time of publication. This results in losses of approximately 35% over the same 151 days during which the network exhibited steady growth in new wallets.

As the entire cryptocurrency market experiences a 'red day,' Cardano continues to suffer in terms of prices, with a loss of 4.75% in just one day.

However, as the Cardano network and ecosystem continue to grow in utility and adoption, the demand for ADA could also increase, potentially leading to better long-term price performance.

With a current circulating supply of around 35.04 billion ADA, Cardano could be valued at approximately $2.71 if it manages to reclaim its previous all-time high of $95 billion from September 2, 2021.