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Cardano's Fundamental Metric at ATH, Here's How It Can Affect ADA

Wed, 03/01/2023 - 10:34
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Arman Shirinyan
Cardano network reaches new high with over 4.7 million total addresses
Cardano's Fundamental Metric at ATH, Here's How It Can Affect ADA
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Cardano's (ADA) fundamental metric has reached a new all-time high, with the network now boasting more than 4.7 million total addresses. This is a significant milestone for the blockchain network and indicates its growing popularity among investors and users.

Having a high number of total addresses is beneficial for a blockchain network, as it demonstrates the network's adoption rate and user base. This increased adoption can lead to a network effect, where the value of the network and its tokens increase as more users and developers join the platform.

Cardano chart
Source: TradingView

Despite its recent struggles, Cardano has been in an uptrend in the midterm perspective. However, over the past two weeks, ADA has experienced some issues on the market, losing 16% of its value.

Despite this recent dip in price, the growth of Cardano's total addresses is a promising sign for the network's long-term prospects. This increase in total addresses shows that Cardano is still growing, even amid the current market downturn.

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Cardano's founder, Charles Hoskinson, previously emphasized the importance of growing the network's user base and building a strong community around the project. He stated that the success of Cardano will be measured not only by its technical achievements but also by its ability to create value for its users.

As the network continues to expand, it is expected that Cardano will continue to develop new use cases and applications. The platform's focus on scalability and interoperability has already made it an attractive option for developers looking to build decentralized applications (dApps).

At press time, ADA trades at $0.36 with a 2.6% price increase in the last 24 hours.

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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.