The number of wallet addresses holding the ADA token has increased significantly in 2022. ADA is the native cryptocurrency for the Cardano network.
Since the beginning of 2022, the number of ADA wallets has increased by 13.08%. The wallets have increased from 2,666,371 recorded on January 1 to reach 3,015,400 recorded on February 7. This is a 349,028 increase in a little over a month.
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Cardano wallets reach 3 million
This analysis shows that the ADA network has added 9184 new wallets daily. The 3 million milestone was reached on February 3, and analysts have predicted that more growth on the network could be reported.
Between December 2020 and December 2021, Cardano wallet owners increased by 1200%, from 190,000 to 2.5 million. 9,184 wallets have been added to the network each day in 2022, with the gains attributed to the growth of ADA to being the sixth-largest cryptocurrency by market capitalization.
The rising number of wallet addresses could be attributed to the ongoing developments on the Cardano blockchain. The blockchain is taking strategic steps to achieve scalability and lure more DeFi projects on the network. This would increase utility for ADA tokens and fuel a price rally.
Cardano’s smart contract is growing
Cardano’s smart contract network, Plutus, has also recorded significant growth, attaining the 1000 contracts record. This figure was attained on January 27, and it coincided with the rising number of wallets on the network.
Between January 30 and February 1, there has been an increase of 1:116 smart contract numbers on the Cardano network. In September 2021, ADA launched the Alonzo hard fork upgrade that brought smart contract functionality to the Cardano network and provided scalability and speed.
The Cardano network is not the only one gaining. ADA has also been on an uptrend, having gained over 8% during the past 24 hours. The token is trading at around $1.21 at the time of writing, and it has gained by 16.2% over the past one week. The token has a market cap of $38.7 billion, according to CoinGecko, with $1.46 billion in trading volumes in 24 hours.
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