Cardano Crosses Three Million Wallets Milestone Amid Heightened Transaction Volume
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Based on the report posted by the official Twitter handle of the network, @Cardano, Kraken records 11,000 new wallet creations practically every day. The network has grown by 1,348% over the past year, with over one million delegates wallets on the network, an 870% annual increase.
By January last year, the network had only 203,519 wallets, of which 112,469 were delegated.
That said, while Cardano released its Alonzo upgrade last September, which introduced smart contracts compatibility, the network has a relatively low decentralized application (dApp) count. One of the key stumbling blocks preventing the network from attracting substantial adoption by developers is the need for users to migrate to the extended Unspent Transaction Output model (eUTXO), which could be a hassle for many.
On a brighter note, Cardano-based decentralized exchange (DEX) SundaeSwap got launched on the mainnet in January 2022, with several other dApps set to launch in the near term.
Meanwhile, new reports show that ADA has surpassed Ethereum by daily transaction volume in the last month. Due to the surging demand, the network recently suffered congestion of over 90% capacity, which significantly diminished the network’s operational capacity.
That said, Input-Output Hong Kong (Cardano’s host company) recently announced that its developers are working on introducing several scaling solutions with the “Basho” blockchain upgrade.
Key Cardano Levels to Watch — February 4
ADA has defaulted on the opening to surge towards the $1.300 mark as it continued on its sideways bias around the $1.0500 support for the tenth consecutive day. The sixth-largest cryptocurrency recorded a mild bullish tone on Friday as the broader market sentiment remained embroiled in uncertainty.
That said, it remains to be seen how ADA would perform over the weekend and into next week, as the highly-anticipated NFP data from earlier today failed to make any dent in the prevailing market sentiment.
Meanwhile, our resistance levels are $1.100, $1.150, and $1.200, and our support levels are $1.050, $1.000, and $0.900.
Total Market Capitalization: $1.66 trillion
Cardano Market Capitalization: $36.5 billion
Cardano Dominance: 2.0%
Market Rank: #6
