The Cardano blockchain has recorded a significant surge in network activity: 14,783 new active addresses with non-zero balances appeared in a short period of time. This influx coincided with a powerful price movement — the native token ADA rose by 32.5% over the past week, temporarily reaching the $0.199 mark, before correcting to the $0.19 zone.
It is important to emphasize that the growth in the number of wallets began immediately after ADA hit a multi-year low around $0.14 at the end of June. This is a classic pattern of retail investor behavior, returning to the market after a period of prolonged sell-offs and capitulation. Notably, large holders, or "whales," began accumulating coins at the bottom, which traditionally signals preparation for the next phase of growth.
Internal contradictions hinder recovery
However, the current rally is not yet able to mask the project's systemic issues. Network founder Charles Hoskinson has initiated a large-scale audit of the entire governance structure, including a review of thousands of decentralized organizations receiving grants from the blockchain's treasury. This process was launched after the cancellation of the 2026 annual summit and protracted conflicts over budget allocation.
Developers, meanwhile, are strictly following the modernization plan. The next scaling phase, called Leios, is expected to significantly increase the distributed ledger's throughput. The technological solution is planned to be deployed on the mainnet by the end of this year. The main test for new users will come during the next round of voting on platform development issues.
My analysis: The growth in the number of wallets and the ADA rally are a positive but cautious signal. If asset holders do not start panic-selling coins at the first signs of trouble, the June downturn can officially be considered a temporary capitulation rather than a systemic collapse. The key point is the successful conduct of the governance vote and the timely launch of Leios. Without resolving internal contradictions, the current momentum could quickly fizzle out.