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ADA Price Drops 13% as Cardano Wallets Jump by 400,000
Cardano (ADA) is currently trading at $0.6015, down 2% in the past 24 hours, amidst a significant drop of 13.4% in the past week. Despite the price decline, ADA continues to exhibit impressive on-chain growth, with over 5.4 million wallets now available, representing a staggering increase of over 400,000 new additions within just six months.
Market Activity Remains Strong
According to TapTools data, Cardano has witnessed an extraordinary surge in adoption, having added more than 400,000 new wallets in the span of merely 60 days. In addition, ADA’s 24-hour trading volume has exceeded $700 million, indicating a strong market presence. Moreover, CoinMarketCap ranks Cardano’s community sentiment as the 7th most bullish, with an overwhelming positivity rate of over 81%.
ADA Remains Under Pressure
However, it is worth noting that ADA’s recent price action remains in a bearish trend. The cryptocurrency has dropped from a peak value of over $0.70 on June 12 to its current valuation around $0.60, resulting in a decline of approximately 13.4%. Technical indicators are primarily trending neutral or bearish.
Source: coinpedia.org
