Cardano network adds over 70,000 wallets in 30 days despite price falls

The number of wallets on the Cardano (ADA) blockchain has grown by more than 70,000 over the last 30 days, even when the ADA’s price declined along with the rest of the crypto market. Meanwhile, ADA whales’ transactions have risen to a 4-month high ahead of an upcoming hard fork, which will improve the network’s performance.

According to Cardano Blockchain Insights shared on Google’s Data Studio by the Cardano Fans Stake Pool, spotted by CryptoGlobe, over 2,000 wallets were added to the Cardano network per day over the past 30 days, topping 70,200 in total.

As data shows, on April 19, the network had a total of 3.268 million holders, while on May 19, the figure reached 3.33 million holders. The rapid rise in the number of wallets holding ADA came during a month when retail interest in the cryptocurrency has been “rapidly rising.”

According to data from IntoTheBlock published this month, before Terra’s collapse, retail wallets had increased their holdings in ADA by more than 186% to collectively hold over 36% of the cryptocurrency’s supply. After the crypto market started crashing over LUNA’s downfall, new ADA wallets have kept on being created at a rapid pace.

More recent data shows that ADA whale transactions have surged to a 4-month high after the ADA’s price plunged to a bottom at $0.40 earlier this year. It seems whales were “buying the dip” ahead of an upcoming hard fork, which will improve the network’s performance.

Market data shows that Cardano is currently trading above the $0.50 mark even after losing over 40% of its value over the past 30 days.

Recently, Cardano whales have reportedly reentered an accumulation trend after selling off their holdings over a 7-month period that saw them dump a large amount of ADA on the market. ADA investors have been seemingly holding onto their funds throughout the bear market. Data from Coinbase’s price pages shows ADA has a typical hold time of 121 days, meaning that ADA users on the platform hold onto their assets for over 4 months before “selling it or sending it to another account or address.”

The accumulation and growing number of ADA wallets come ahead of the Vasil hard fork scheduled for June. According to Cardano founder Charles Hoskinson, the hard fork will deliver a “massive performance improvement” to the network.