Cardano is struggling to grow its user base amidst increasing competition from new blockchain platforms like Solana and Base.
According to IntoTheBlock, the number of addresses holding ADA has remained steady at about 4.45 million for over a year, indicating stagnant growth.
Cardano’s number of addresses with a balance has hovered around 4.45 million for over a year. Here’s what’s going on👇
During the last cycle, Cardano experienced significant growth, positioned as a strong alternative to Ethereum. However, in the current cycle, the network faces… pic.twitter.com/WJrnAP8FQZ
— IntoTheBlock (@intotheblock) August 13, 2024
Despite significant price fluctuations, Cardano’s user base has shown resilience, with consistent address growth since mid-2021. However, recent trends show a shift of interest towards newer competitors, making it difficult for Cardano to attract new users.
The network continues to handle around $7.2 billion in daily transactions, suggesting robust activity despite these challenges. Cardano’s Network Value to Transactions (NVT) ratio is low at 2.62, which could imply that ADA is undervalued relative to its usage.
The percentage of ADA held by long-term investors is also strong, with 40% of the total supply in their hands, signaling ongoing confidence in the platform’s potential. Currently, ADA is priced at $0.336, holding a market cap of $12.07 billion.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.