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Number of Addresses Holding Cardano ($AD) Hits New 4.5 Million High

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The number of addresses holding Cardano ($ADA) has kept on rising in January to hit a new 4.53 million all-time high as monthly transactions on the cryptocurrency’s network also kept on growing.

According to CryptoCompare’s latest Asset Report, the number of Cardano hodlers has grown 10.9% in January to hit 309,000, while the number of cruisers rose 5.85% to hit 3.19 million. The number of traders on the network, after dropping nearly 30% in December, jumped 48.8% last month to surpass 1 million.

Number of Addresses Holding Cardano ($AD) Hits New 4.5 Million High
Source: CryptoCompare

In total, there are now over 4.5 million addresses on the Cardano network. As CryptoGlobe recently reported, these addresses have now conducted over 30 million transactions, while the number of smart contracts deployed on the network went over 1,000 for the first time this year.

CryptoCompare’s report details that monthly transactions on the Cardano blockchain grew 26.6% to 3.8 million in January, while still sitting far below their peak seen in November. The number of daily active addresses on the network moved up 18.2% to 163,000 as well.

Interestingly, the average transaction fee paid on the network moved from $0.33 in December to $0.43 in January, while still being below a $0.69 high seen in September of last year. As the report notes, the first usable decentralized finance (DeFi) application on Cardano was launched in January, after MuesliSwap launched.

Data shows that in January large ADA token holders more than doubled their holdings in the cryptocurrency, taking advantage of a price drop of more than 30%. Data suggests Cardano addresses holdings between 10,000 and 1 million ADA have increased their holdings by 113%, accumulating $53.6 million.

Cardano developer Input Output has proposed increasing the network’s block size by 11% from 72 KB to 80 KB after network load surged above 90% with the launch of a popular DeFi platform SundaeSwap. Cardano’s network load peaked above 90% after SundawSwap’s launch while the total value locked on it jumped over 9,000%.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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