Cardano (ADA) user base seems to be constantly growing, demonstrating the strong resilience and interest of the Cardano community in terms of price movement for the native token ADA, even in a negative scenario. So, what do the latest data indicate about the price movement of the popular altcoin Cardano?
Increase in Cardano Wallets!
The number of new unique wallet addresses has increased by 6% since April 1st, reaching 4.26 million wallets on August 29th from 4.02 million wallets. During this period, the user count also increased by 30,000. Additionally, according to data from Cardano Blockchain Insights on August 30th, the network recorded an average of 1,600 new wallet additions per day during these 151 days.
Furthermore, June 10th saw nearly 4,000 new wallets registered in a single day, marking the day with the highest number of new wallet addresses created. On July 18th, there was only one new wallet registered on the network, making it the worst-performing day since then. Additionally, Cardano’s native token ADA increased from $0.40 per unit on April 1st to $0.26 per unit at the time of publication. This could mean a loss of approximately 35% in the same 151 days, despite the network’s consistent growth in new wallets.
Decline in Cardano Price!
While the entire crypto market is experiencing a decline, Cardano continues to lose value with a 4.75% decrease in price in a single day. However, if Cardano’s network and ecosystem continue to grow in terms of utility and adoption, demand for ADA may increase, leading to better price performance in the long run.
The supply of a cryptocurrency plays a crucial role in determining its price. Limited supply can lead to high value in increasing demand, while decreasing supply positively affects the price. Variable supply can result in volatility. The supply-demand balance shapes crypto prices. If a Cardano with a circulating supply of approximately 35.04 billion ADA manages to regain its all-time high market cap of $95 billion since September 2, 2021, it could have a value close to $2.71.