Cardano (ADA) is closing the fifth consecutive week on a bearish note, destroying the gains made in the last half of March. Meanwhile, retail investor interest in Cardano is growing rapidly, according to IntoTheBlock. Investors are starting to get ADA, not SHIB. Here are the details…
Investors focus on ADA, not SHIB
Despite the unexpected price turmoil, retail interest in ADA surprisingly seems to increase with each drop, as more traders use ADA at this discount sees it as the rare and most likely only opportunity to buy at prices. Cardano retail interest is growing rapidly, according to IntoTheBlock. Last week, the AI-based crypto data analytics firm said in a tweet, “The balance in trader hands – addresses holding less than 30 days, increased 186 percent in just 30 days.”
Interestingly, these addresses currently hold 33.7 billion ADA cumulatively, which is about 36.14 percent of the total ADA coins in circulation. As we reported on cryptokoin.com, whales are also scooping huge ADA warehouses, and over 200 million ADA with 1 million to 10 million ADA balances have been purchased by whale addresses in the last six days. The total number of addresses holding ADA has also increased by 2.99 percent in the last 30 days to 5.2 million.
Cardano growing in popularity
Cardano’s growing popularity and adoption can be attributed to efforts to build the layer 1 network. The Cardano network is one that boasts decentralized exchanges (DEX), applications (dApps), DeFi protocols, and robust NFT marketplaces. This week, a decentralized algorithmic stablecoin developed by the COTI public testnet went live on the Cardano network; This is a development that is expected to give bullish support to ADA.
At the time of writing, ADA is changing hands at $0.68, down 7.6 percent. The cryptocurrency ranks ninth with a market cap of $23.4 billion. The cryptocurrency is also on the agenda with a 12.7% depreciation in the seven-day period.
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