Wallet Projects on Cardano Network Rise as ADA Price Drops More

The co-founder of Cardano (ADA) recently retweeted a post from @Cardians_ on Twitter that shows the continuing growth and adoption of the Cardano Network.

The tweet reposted by Charles Hoskinson listed the 14 wallet projects that are being built on the Cardano Network. The retweet was also accompanied by the caption “Sounds like we need to form a wallet standards group. Who’s in?”

In related news, the parent company of the Cardano blockchain, Input-Output Hong Kong (IOHK), announced the launch of an Ethereum Virtual Machine (EVM) sidechain alpha on June 12. The parent company also added that the sidechain is currently available on testnet.

Following this launch, it will now be possible for developers to build Solidity-based applications on Cardano.

Looking at the current price of ADA, it has experienced a drop over the last 24 hours and is also down over the week.

According to the crypto market tracker, CoinMarketCap, the price of ADA is around $0.4559. This is the trend seen in other tokens as practically the whole crypto market is down in the last day. ADA joins this list after a 24 hour drop by 9.68%, which has also taken the price of ADA down by just more than 28% over the last seven days.

The coin is currently ranked number 7 on CoinMarketCap’s list of biggest cryptocurrencies by market cap, with a market cap of approximately $15.45 billion. This ranks it under Binance USD (BUSD), with a market cap of $17.46 billion, and above Ripple (XRP), with a market cap of $14.60 billion.