Cardano has experienced a dramatic decline in unique wallets, dropping by 87.5% to just 1,000 as of October 6, from a peak of over 8,000 in late 2024. This significant decrease was highlighted by ADA Orca, lead developer of the SNEK meme coin, who shared a chart illustrating the consistent downtrend since a rally in late 2024. The shift in user activity to other blockchain networks has been noted as a contributing factor. Despite efforts from projects like CHAD, AGENT, and SUGR to revitalize interest, the Cardano ecosystem has struggled to maintain user engagement. The decline in unique wallets could potentially affect network fees and asset prices. Additionally, tensions between Cardano founder Charles Hoskinson and the community, including the SNEK project, have been mentioned as possible internal issues affecting the ecosystem's stability.
Cardano Unique Wallets Plummet 87.5% Amid Ecosystem Concerns
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