The number of addresses they have Cardan (ADA) has continued to rise in April to a new all-time high of 5.2 million, even as activity on the cryptocurrency’s blockchain plummeted.
According to CryptoCompare’s latest asset reportthe number of addresses holding ADA grew 2.99% last month to 5.2 million, thanks in part to an increase in the number of token holders from 529,000 in March to 679,000 in April, and an increase in the number of cruise ships from 3.84 million to 4.14 million.
The report details that the number of short-term traders holding ADA fell 44.6% from 682,000 in March to 377,000 last month.
The CryptoCompare report details that the activity in the cardano blockchain “experienced a significant hit in April” after monthly transactions fell 62.2% to 1.17 million, while average active addresses fell 57.7% to 52,000.
Similarly, the number of daily new addresses saw a 59.1% decrease to 23,200. Meanwhile, average transaction fees on the cryptocurrency network more than doubled, from $0.42 in March to $0.91 in April.
In particular, on-chain data shows that while activity has slowed, the majority of ADA holders are still accumulating. Retail interest in the cryptocurrency, as reported, is “rising rapidly”, while the whales have recently re-entered an accumulation trend after selling their holdings over a 7-month period in which they shed a large amount of ADA to market.
Whales and retail users have restarted the accumulation of the cryptocurrency after its price fell to a 15-month low. The data of CryptoCompare live ADA price feed they show that the price of ADA has been slowly falling in recent months after reaching an all-time high of $3 in August last year.
Apparently, ADA investors have held on to their funds during the bear market. Data from Coinbase’s pricing pages shows that ADA has a typical lead time of 121 days, meaning ADA users on the platform hold onto their assets for more than four months before “selling them or sending them to another account.” or address.
According to the cryptocurrency exchange, a long hold time “signals an accumulation trend,” while a short hold time “indicates more token movement.”