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Cardano Faces Major Milestone of 700,000 Users

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Mon, 05/16/2022 - 08:42
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Arman Shirinyan
Cardano is about to celebrate another major achievement despite the turmoil on the cryptocurrency market
Cardano Faces Major Milestone of 700,000 Users
Cover image via stock.adobe.com

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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.

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Cardano Insights also added that most users interested in the blockchain are using outdated wallets with no support for decentralized applications, which became a major factor for the further development of the network.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

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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.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.