Main navigation

Cardano Faces Major Milestone of 700,000 Users

Advertisement
Mon, 16/05/2022 - 8:42
Cardano Faces Major Milestone of 700,000 Users
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to the Cardano Insights Twitter account, the project is about to celebrate 700,000 users on their subreddit as the number of wallets opened on the network exceeds 3.6 million.

Advertisement

The Cardano community is expected to see the 700,000th user joining the subreddit in about two weeks, which will make the Cardano network one of the biggest crypto communities on the site.

Cardano Insights also added that most users interested in the blockchain are using outdated wallets with no support for decentralized applications, which became a major factor for the further development of the network.

While the rising number of reddit users may not reflect the positive sentiment of ADA traders or investors, it is still a strong fundamental factor that speaks in favor of the growth and rapid development of the network.

ADA market performance

Despite the fundamental growth of the project, Cardano is still failing to bring positive market performance to the table with the network's underlying cryptocurrency losing over 80% of its value since September and yet failing to enter a recovery rally.

Related

In the December-March period, ADA had at least three attempts to break through the massive downtrend by entering a short-term 20-40% rally that should have become a catalyst of a retrace but failed to do so because of the massive selling pressure caused by the low profitability of the asset.

According to no-longer-available data from IntoTheBlock, Cardano's profitability was close to being one of the lowest on the cryptocurrency market. Compared to Ethereum's 60%, ADA's profitability stayed below 15%, making it one of the worst-performing digital assets.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD