New data shows that Ethereum challenger Cardano (ADA) is seeing a surge in adoption with the number of ADA wallets hitting a new all-time high despite a shaky April for the smart contract platform.
A new report by CryptoCompare shows that the number of addresses holding Cardano rose to a record high last month amid a significant surge in the number of hodlers, or entities that have kept their ADA stacks untouched for over a year.
“The number of addresses holding ADA grew 2.99% to an all-time high of 5.20 million in April. This includes an increase in the number of hodlers from 529,000 in March to 679,000 in April. Short term traders declined 44.6% to 377,000.”
Although the number of addresses with an ADA balance continues to grow, CryptoCompare points out that user activity on Cardano is starting to lose steam.
“Activity on the Cardano blockchain experienced a significant hit in April. Monthly transactions fell 62.2% to 1.17 million, while average active addresses also fell 57.7% to 52,000. Average daily new addresses saw a similar decline of 59.1% to 23,200.”
Looking at Cardano’s developer statistics, the firm highlights that the number of GitHub commits for the eighth-largest crypto project has slightly increased from 5,623 in March to 5,723 in April while the total number of contributors remained steady at 111.
Cardano is changing hands at $0.780 at time of writing, a 13% decrease from its seven-day peak of $0.897.
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