Cardano’s nearest future might look like this as users await the Vasil HardFork

ambcrypto.com:

One of the hardest things to explain in the cryptocurrency market is the plummeting price of a token despite steady increments in the number of wallets holding the token. 

According to the latest data from Cardano Blockchain Insights, the number of wallets on the Cardano Blockchain holding its native token, ADA grew by over 70,000 in the last 30 days. This showed that an average of 2,000 wallets were created on the Cardano Network over the course of the last 30 days.

However, over this period, the price of the token suffered a significant decimation even in the face of the Vasil Hard Fork scheduled for 29 June 2022. 

“What else should we know about the last 30 days?”, you might ask. Well, find your answers below.

The last 30 days have been marked by a significant decline in the price per ADA token. Standing at $0.5245 at the time of writing, the token shed over 40% of its price within the 30-day window period.

Despite recording a steady increment in the number of wallets holding the token, the decimation that plagued the cryptocurrency market over the last couple of months has made it significantly difficult for ADA to display any growth on a price front.

Source: CoinMarketCap

Within the same period, the market capitalization of the token plummeted even further. At over $30 billion 30 days ago, the market cap for ADA declined by 43% to leave it at $17.24 billion at the time of press.

Source: CoinMarketCap

Over the course of the last 30 days, on-chain data showed that the ADA token recorded significant strides on 12 May. 

With the number of unique addresses transacting the ADA token on a daily basis pegged at 118.93k on 11 May, 12 May ushered in a spike. The daily active addresses transacting the token spiked by 31% on 12 May.