Diamond Hands: 23% of Cardano Users Have Held ADA for Over Five Years

Like most blockchain networks, the layer-1 blockchain Cardano has had its share of challenges over the years. Still, some users have stuck with the project through thick and thin. One metric shows that 23% of Cardano wallets have held its native coin, ADA, for over five years.

Diamond Hands Amid Bearish Trends

A chart from the blockchain analytics platform IntoTheBlock showed how Cardano users have accumulated the ADA coin over the years. Following its inception in September 2017, Cardano emerged as one of the earliest blockchain networks to adopt the proof-of-stake consensus mechanism. The feature attracted several early investors.

23% of Cardano holders have held their $ADA for more than 5 years pic.twitter.com/cOn7uFo16P

— IntoTheBlock (@intotheblock) February 8, 2024

The current on-chain analysis confirms that more than 23% of ADA holders have bought and held the crypto asset for almost as long as it has existed. The chart also shows that these wallets hold the highest number of ADA cryptocurrencies.

Other users have also shown resilience, where nearly 12% of wallets have held the cryptocurrency over the past three to five years. Another 6.75% of wallet addresses have held the asset for about two to three years.

These users’ resilience is applaudable, particularly as they stuck with the project in difficult times. After the 2021 bull run that benefited the entire crypto market, Cardano saw a wave of backlash from crypto community members due to several factors. These factors include Cardano’s smart contract delay and low transactions per second (TPS) compared with competitor networks.

Despite all this, the project kept its business thriving through several endeavors. For example, the Cardano Foundation, a non-profit firm developing the Cardano blockchain, rolled out the Identity Wallet in December. Past metrics also show that the project’s DeFi business has grown significantly.

These and other factors have helped to keep Cardano’s ADA among the top ten cryptocurrencies in the market. 

ADA is Up Nearly 10%

According to the price tracking platform CoinStats, ADA’s value has recently increased. The cryptocurrency trades at $0.528 at press time, representing a 9.12% over the past 24 hours and a 7.1% uptick in the past seven days.

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