With a year-to-date gain of 48 percent, the Cardano network has reached a new milestone of over five million addresses in use.
The rise in the number of users corresponds to the rise in the number of dApps and solutions on the network, indicating the network’s basic growth.
In March 2021, there were around 2.6 million addresses on the Cardano network. We can easily detect the surge in the number of addresses with the release of smart contracts technology for Cardano by comparing both TVL and the number of holders statistic.
Cardano is being pushed forward by decentralized apps and solutions.
Cardano may have a “second wind” in terms of development and fundamental growth as a result of significant demand for decentralized financing. The dynamic before the unveiling of the new disruptive technology is obvious, as the price of the underlying coin ADA has not moved since the 2017 bullrun.
In less than a month after the debut of the new Cardano-powered technology, ADA surged about 200 percent. However, the impact of the announcement on the price was primarily speculative, making ADA a significantly overbought asset. As a result of the mismatch between sell and buy orders. So, the market was unable to absorb the selling pressure, sending the asset to new lows.
ADA has decreased by more than 70% since the unveiling of smart contracts. However, due to the growing number of decentralized solutions and apps on the network. So, it has been able to restore almost 40% of its value in recent trading weeks.
ADA is currently trading at $1.14, having reached a high of $1.25 earlier in the day.
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