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Cardano’s long-term conviction is not fading any time soon, going by the network’s number of holders. According to leading on-chain metrics provider Santiment, Cardano has hit a notable milestone after ADA holders soared to 4.6 million, illustrating sustained interest in the ecosystem. Well, there is more to it than meets the eye, since the steady increase in Cardano wallet addresses reflects long-term confidence, especially among retail participants. For the Cardano Army, the sign is clear: irrespective of market headwinds, belief in and interest in the network’s future cannot be swayed, given that decentralization and governance are at the epicenter of the ADA network. More notably, Cardano is not alone in the adoption sphere, as Ethereum is nearing 190 million holders for the first time ever, while Bitcoin is edging closer to the 60 million mark. Can Rising Network Growth Trigger ADA’s Next Breakout? Despite significant network growth, Cardano is experiencing a period of consolidation, with its price trading at $0.2437. Nevertheless, all hope is not lost, as a prominent stake pool operator (SPO) believes ADA remains undervalued at current levels. Why is this the case? Well, the SPO is confident that ADA has all it takes to witness a sharp breakout, delivering gains of between 200% to 300% within weeks. Therefore, time will tell whether this prediction will see the light of day, thanks to factors like skyrocketing Cardano user growth.
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