Cardano is still in its infancy.
After impressive gains made this year, over 6,000 individuals are now Cardano millionaires according to sources, and the founder Charles Hoskinson is now reportedly a crypto billionaire.
The environmentally friendly crypto asset has positioned itself to be a competitor to Ethereum, and hopes to take its spot as the number one smart contracts platform.
The eventual goal according to Hoskinson is to be able to “run whole countries” on the platform.
The future of Cardano, and its native token ADA are still fairly uncertain, but it is definitely worth keeping on your radar this year.
Here’s the latest:
— hakan selcuk (@HakanHknslck) May 19, 2021
— עם ישראל חייי ADA (@Ofirdrep) May 25, 2021
Coin Telegraph gave us the rundown on the newly minted millionaires:
Since the start of the year, the number of millionaire investors in ADA has increased more than 13-fold to 6,710 as of May 17, according to United Kingdom-based news agency Finbold. Using data from Coin Metrics, the agency determined that there were just 504 ADA addresses worth at least $1 million on Jan. 1.
The number of active ADA addresses also grew by 417.81% between Jan. 1 and Apr. 28.
ADA’s value has skyrocketed nearly 1,040% since the start of the year, up from $0.18 to $2.08 at the time of publication. The cryptocurrency peaked closer to $2.40 earlier in the week, setting multiple record highs in the process.
As Cointelegraph recently reported, ADA has entered a new price discovery phase, which means further upside could be in store over the short term. The cryptocurrency now has a market capitalization of $66.1 billion, placing it in the fourth position among active projects. ADA has overtaken Dogecoin (DOGE), Tether (USDT) and XRP amid the latest rally.
#CARDANO (ADA) Creator: ‘You Guys Can’t Get 900% Gains Without Expecting Some Pullbacks’ (cryptopys) #CARDANO (ADA) creator Charles Hoskinson has revealed in an ask me anything (AMA) session that he is now a cryptocurrency billionaire,… https://t.co/tFPV2pTiyF pic.twitter.com/YNaLFeCeaG
— CRYPTONEWS.WATCH (@crypto_news24) May 23, 2021
Daily Hodl shared more on Hoskinson’s growing wealth:
Hoskinson is an early crypto adopter, co-founder of Ethereum and the founder of IOHK (Input Output Hong Kong), the company that created and develops Cardano.
When asked what it’s like to be a billionaire, the IOHK chief executive says he first scratched the surface of that status in the 2017 crypto bull market.
“It took me three years from when I started my first cryptocurrency company to become a millionaire, and I was first a billionaire in 2017. Very, very briefly. Markets collapsed and everything went to hell, but I was doing okay. And then [I] became a billionaire again in 2021.”
IOHK says it and Hoskinson received Cardano’s native crypto asset ADA for contract work on the project, and Hoskinson recently stated he owns no Ethereum.