The Cardano network is among the fastest-growing digital asset protocols in the industry. It attracts people and expands its addresses as the days continue to roll by.
A new record has now been set by Cardano (ADA) as data from the new entrants to the network shows that it has achieved another record growth in the number of addresses in April, with 5.2 million addresses added amid the plunge in activities on the blockchain network.
The latest report from Cryptocompare’s Asset Report shows that the total number of addresses in possession of ADA grew by 2.99% in April, translating to 5.2 million new addresses. This is partly due to the increase in the number of token holders in the network, which jumped from 529,000 in March to 679,000 last month.
Additionally, the accompanying rise in the number of cruisers who have joined the network also increased to 4.14 million from 3.84 million.
However, the report also disclosed that not all is well with the Cardano network as the number of short-term traders possessing the ADA token nosedived by 44.6%, from a total of 682,000 in March to a low of 377,000 in April.
Activity Declines on the Cardano Blockchain
Further details from Cryptocompare’s report show that there has been a significant drop in the number of activities on the Cardano Blockchain network in April.
A sharp drop was recorded in the monthly transactions, with a 62.2% drop translating to 1.17 million; the total number of the average active users of the network also declined by 57.7%, representing 52,000.
In the same vein, the daily new addresses also took a hit, dropping 59.1% to 23,200. Meanwhile, the average transaction fees shot up to $0.91 last month from the low of $0.42 in March.
ADA Accumulation on the Rise
According to on-chain metrics, the drop in activity on the Cardano network has failed to deter ADA holders as the majority of them are accumulating the tokens as if the going is good enough. At the same time, there has been an observable retail interest in ADA as whales are reported in the mood, with some already part of the accumulation trend going on in the network.
The comeback of the whales is surprising, especially after dumping the majority of their 7-month ADA tokens on the market when the market correction has been intense, so much so that most investors have no alternative but to deposit their excess holdings in the market.
In the meantime, both whales and retail investors have begun accumulating ADA after the price dip. Available reports also revealed that the price has yet to recover fully despite the ongoing activities on the platform.
But investors appear to be holding on to their assets throughout the bear period, as data from the price page of Coinbase shows that the average hold time for ADA tokens is 121 days before investors choose to sell or transfer them.