Cardano Adds 52,000 New Wallets as $4.5 Billion Floods ADA

Vinod Dsouza
cardano ada
Source: Pixabay

The Cardano ecosystem is experiencing phenomenal growth since the start of January 2023, as investors are flocking into ADA. According to recent data from GitHub, Cardano remains the third most developed and used blockchain this month. It is only behind PolkaDot and Kusama blockchains that take the first and second spot, respectively.

Cardano saw significant growth in the new number of wallets being added in January. This month alone, nearly 52,000 new wallet addresses were added for ADA reaching a total count of 3,894,735 on Friday. To be precise, 51,868 new wallet addresses were added in 27 days, according to data from Cardano Blockchain Insights.

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Source: Cardano Blockchain Insights

Therefore, around 2,075 new wallets have been added each day signifying that investors are bullish on ADA. The developments added nearly $4.5 billion in inflows into ADA this week making its market cap reach $13.3 billion. ADA is equipped with several bullish factors that could sustainably scale its price up when the next bull run begins.

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Cardano: ADA Spikes In January 2023

Cardano ADA

The increased activity on the Cardano network reflected positively on ADA’s price, as it shot up nearly 46% in the last 30 trading days. ADA was at $0.24 on Jan 1, 2023, and is now trading at $0.38 on Friday’s high. ADA is reaching new highs each week and reclaiming its previous spots after a dip.

Source: CoinMarketCap

Watcher Guru highlighted ADA as one of the top 3 cryptocurrencies to watch out for in February 2023. You can read details about the prediction here for a better and more in-depth understanding.

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At press time, Cardano was trading at $0.37 and is down 0.5% in the 24 hours day trade. It is down 87.7% from its all-time high of $3.09, which it reached in September 2021.