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Cardano Hits Major Network Milestone as Bull Rally Stirs Adoption

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Cardano Hits Major Network Milestone as Bull Rally Stirs Adoption

Cardano (ADA) has seen a massive uptick in its active wallet addresses which hit a one-year peak of over 600,000 in the last 30 days.

The data presented by Danogo, a Decentralized Exchange (DEX) on Cardano, shows that the actual active wallets come in at 606,000, up by 533,000 wallets recorded at the start of March.

While the active wallet growth on Cardano did not follow a straight path over the year, it has seen considerable growth since last September when the metric recorded its one-year low of 297,268.

🚀Cardano hits one-year peak with almost 600K active wallets in the last 30 days, twice the lowest number within this timeframe.
💡 How high do you think it can climb from here?
–Danogo – Keep Going– 🚀

— Danogo (@danogo_2023) March 13, 2024

The Cardano User Growth Track

The Danogo data revealed that active Cardano addresses over the past seven days come in at 212,000, with the daily active addresses as of March 12 sitting at 44,100.

The Danogo data also shed more light on the active wallet addresses of the decentralized applications (dApps) on the blockchain.

Notably, Indigo Protocol remains the dominant DApp on Cardano in terms of total value locked (TVL) with up to $167 million in TVL. Despite this position, Indigo Protocol contributes far less in terms of active wallets when compared with Minswap.

While the 30-day active wallet count on Indigo Protocol comes in at 1,794, Minswap boasts 30,677. Wingriders, another top-ranked Cardano DEX, also recorded an Active Wallet count of 7,398 over the past 30 days.

Cardano Active Address and Price Catalyst

The uptick in active Cardano addresses comes at a time when the price of ADA, the network’s native coin, is recording impressive growth.

Per an earlier report by The Crypto Basic, the number of daily active addresses on Cardano soared to a new yearly high of 76,445 on March 6, coinciding with the push to breach the $0.8 resistance.

Cardano, through Input-Output Global (IOG), is also making moves to introduce new partnerships, products, and services that can help sustain the adoption momentum.