According to the on-chain data provided by Messari, the Cardano network has passed another milestone with the number of wallets on its Blockchain reaching 3.5 million. According to Messari data, there are currently 3,494.888 opened wallets on the network. However, it can be predicted that the number of wallets owned by Cardano will exceed 3.5 million next week.

Total Wallets Increase, But Number of Active Wallets Remains Low

Although there are close to 4 million open wallets on the network, the number of active wallets remains quite low compared to the total wallets. According to Messari data, only 136,800 wallets are active in the ADA ecosystem. The fact that the number of active wallets remains so low compared to the total number of wallets shows that Cardano users are content with holding their coins instead of using them actively. When we examine the distribution of investors on the network, we see that the group with the largest number of wallets is the wallets with ADA assets between 1 dollar and 100 dollars.

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We can observe that the number of whale investors with ADA tokens corresponding to over 10 million dollars on the network is 393. However, the number of large whales ADA has is not very large. The fact that the whale investors owned by a crypto currency are few and mostly individual investors cause that crypto currency to be less stable and increase the selling pressure in short-term rallies. The reason for this is that when the price rises, these individual investors sell their holdings instead of holding them in order to make more profit in the future.

EU to address cryptocurrency regulatory framework today

The European Parliament will reportedly vote on a new regulatory framework for cryptoassets today. Industry participants consider the current bill to have the potential to ban major cryptocurrencies, including Bitcoin and Ethereum, in Europe.

Cryptoassets issued and traded within the borders of the European Union will be "subject to minimum environmental sustainability standards and a phased distribution plan will be established to ensure compliance with these requirements," according to the latest draft of the law, called MiCa. The Economic and Monetary Affairs Committee is expected to vote on the relevant bill today.