- The number of wallets on the Cardano network has crossed four million.
- ADA’s current status is similar to that of ETH in 2017, ahead of the bull run.
- Cardano’s development is similar to that of Ethereum and Binance, two blockchains with similar characteristics.
Cardano has breached the four million wallets mark, and Dan Gambardello, the founder of Crypto Capital Venture, believes it is a significant milestone that could see the layer 1 blockchain’s native token Cardano (ADA) explode in price. In a recent analysis, Gambardello compared ADA’s current status with that of Ethereum in 2017, ahead of a significant bull run that saw the price of ETH skyrocket.
According to Gambardello, who happens to be an ADA enthusiast, in June 2020, when ADA was at 8 cents, he used Ethereum’s price behavior to predict that ADA would climb above $3. That prediction was fulfilled, as the “Ethereum Killer” surged during the following bull run, adding a market capitalization of $91 billion.
Gambardello noted that the current market setup is similar to what happened in 2020, except for a few key differences. He referenced a tweet by Alexander Legolas linking Cardano’s current status with a significant moment in the life of the flagship altcoin, Ethereum.
Legolas tweeted:
“CARDANO just breached the 4 Million Wallet mark. The reason this number is significant is Ethereum was at 4,095,465 wallets in July 2017 in a Bull market as Ethereum’s DEFI protocols were being built out, and BINANCE SMART CHAIN was at 4,950,000 wallets in Feb. 2021 in a bull market as its DEFI protocols came online. Both Blockchains have well over 200 million wallets today as a result of going from just wallets that held tokens for payments and transfer of assets to a BOOMING.”
Gambardello based his latest ADA prediction on the similarity between the Cardano blockchain’s development and those of Ethereum and Binance, as noted by Legolas. Cardano has recently crossed four million wallets, it is developing a DeFi protocol, and the ADA total value locked (TVL) recently achieved a new all-time high (ATH).
Based on the similarities identified by Gambardello, he believes ADA will mirror Ethereum’s price development pattern. According to him, Cardano may be behind in terms of development and onboarding new projects. However, it is on track to fulfill its potential, like Ethereum and Binance, two blockchain projects with a similar development pattern.
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