As per data projections provided by cryptocurrency aggregators Messari, the number of Cardano millionaires has been increasing rapidly this year. The service shares that from July to August, the digital wallet addresses that are holding Cardano greater than $1 million have surged by 173%. This data is also in line with the reports by another cryptocurrency analytic service, CoinMetrics.
CoinMetrics reveals that in July, the total number of digital wallet addresses holding more than one million USD worth of Cardano was 3,625, whereas, in August, it has surged to 9,830. Since July, the price of Cardano’s native token ADA has surged 200%. At press time, ADA is trading for $2.73, which is 6.42% lower than ATH of $3.02 a few days ago.
Retail Investors are also Supporting Cardano
Recently, Cardano pushed back altcoins like XRP, Dogecoin, and BNB to become the third-largest cryptocurrency in the world. Many investors also criticize Cardano for having a massive supply and connect it to this option. However, as per data by Messari, the Google searches for ADA have increased recently, which connects to the rising retail interest.
In the same duration, the number of wallet addresses that are holding ADA valued at 10 million has surged by more than 50%. In July, there were only 504 such wallet addresses whereas, in August, this number has gone on to become 1,000. At the start of the current year, the wallets in this category were only 86 in total.
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Cardano is a blockchain project that has managed to remain consistent with its roadmap plan thus far. The frequent updates allow the users to get more use cases out of the blockchain and attract massive interest from the investors. The first noteworthy upgrade on the Cardano network was called Mary. This upgrade made the network compatible with different altcoins.
Keeping up the pace of the progress, Cardano introduced another upgrade on the network In May called Shelley. This converted the blockchain into a proof of stake consensus model. Recently, the developers are focused on the Alonzo upgrade that is going to introduce smart contracts on Cardano. This allows Cardano to become like Ethereum and offer automated program execution.