Cardano has passed the 4 million wallets threshold. Dan Gambardello, the founder of Cryptocurrency Capital Enterprise, feels it is a significant milestone that will cause the layer 1 blockchain’s native coin Cardano (ADA), to skyrocket in value. In a recent analysis, Gambardello compared ADA’s current position to that of Ethereum in 2017, before a strong bull run that saw the value of ETH surge.
According to Gambardello, an ADA enthusiast, on June 20, when ADA was at 8 cents, he used Ethereum’s value trends to predict that ADA would rise above $3. That forecast came true as the “Ethereum Killer” increased during the next bull run, reaching a market valuation of $91 billion.
Gambardello stated that the current market situation is similar to what transpired in 2020, with a few significant differences. He cited a tweet by Alexander Legolas that linked Cardano’s current position to a pivotal moment in the history of the flagship cryptocurrency, Ethereum.
Legolas posted on Twitter:
“CARDANO has just passed the 4 Million Pockets mark.” This number is significant because ETH was at 4,095,465 wallets in July 2017 in a bull market as ETH DEFI protocols were being built out. BINANCE SMART CHAIN was at 4,950,000 wallets in February 2021 in a bull market as its DEFI protocols went live. Because of the transition from straightforward wallets that housed tokens for funds and property transfer to a BOOMING, each Blockchain today has over 200 million wallets.”
Gambardello based his most recent ADA prediction primarily on the parallels between the Cardano blockchain’s growth and the people of Ethereum and Binance, as made famous by Legolas. Cardano recently passed 4 million wallets, is developing a DeFi protocol, and the ADA total worth locked (TVL) has reached a new all-time high. (ATH).
Gambardello believes ADA will replicate Ethereum’s value increase sample primarily based on his identified similarities. According to him, Cardano may also lag in growth and onboarding new tasks. Nonetheless, it is being watched to see if it will meet its potential, similar to Ethereum and Binance, two blockchain projects with identical development patterns.
