Cardano Wallets Plummet 87% as SNEK Dev Highlights User Losses

TLDR

• ADA Orca, the SNEK lead developer, shared a chart showing a steep drop in Cardano wallet activity.
• The number of unique wallets trading on Cardano has fallen from over 8,000 to just 1,000 since December 2024.
• Meme coins like SNEK, CHAD, AGENT, and COCK briefly boosted Cardano user activity in late 2024 and early 2025.
• Despite these temporary spikes, Cardano has struggled to retain users and maintain long-term engagement.
• Community disputes and leadership disagreements have further contributed to Cardano’s ongoing user decline.

The Cardano ecosystem has seen a sharp fall in network activity, according to SNEK’s lead developer, ADA Orca. He described a dramatic decline in unique wallets since December 2024 as “the most heartbreaking Cardano chart of all.” His warning comes amid a sustained drop in trading interest across Cardano’s blockchain.

SNEK Developer Highlights Wallet Drop on Cardano

ADA Orca presented data showing unique wallet activity on Cardano has plunged by over 87.5% since its December 2024 high. The number of unique wallets fell from more than 8,000 in December to just 1,000 by October 6, 2025. These figures indicate a notable decline in user participation across the Cardano ecosystem.

He attributed the December surge to the SNEK, CHAD, AGENT, and SUGR token projects, which temporarily boosted activity. However, the chart revealed this momentum was short-lived as wallet counts declined in early 2025. By February, the number fell below 4,000 and continued its downward trend.

“After that, it’s down only,” ADA Orca stated, suggesting Cardano failed to maintain user interest. He emphasized that despite new projects, no effort has restore sustainable growth. This user exit has impacted network volume and fees, hurting the broader Cardano ecosystem.

The December rally on Cardano came during a meme coin boom led by SNEK, CHAD, and AGENT. These tokens drove user growth, with SNEK leading due to its strong community and network effect. ADA Orca credited these projects for creating the temporary increase in wallets.

SUGR and COCK coins further pushed Cardano’s on-chain activity into early 2025. COCK even became the third-largest Cardano meme coin by February. However, as prices cooled, activity dropped quickly, and wallets shifted to other chains.

ADA Orca explained that hype alone couldn’t sustain Cardano’s user base. Users moved toward chains with stronger narratives and faster innovation. Despite temporary traction, Cardano failed to retain users in the long run.

Internal Discord and Ecosystem Challenges Hurt Cardano Growth

The Cardano network also faces internal conflicts, adding to user attrition. Founder Charles Hoskinson clashed with the SNEK community over funding for exchange listings. ADA Orca and others criticized Cardano for not promoting homegrown projects, such as SNEK.

A user named Federico claimed, “Cardano would be nothing without SNEK,” as the meme coin topped Cardano-native token charts. He argued SNEK added more value than official initiatives like Midnight. The feud reflected deeper issues in community trust.

Hoskinson recently defended the ecosystem, claiming, “Cardano is going to break the internet.” However, user metrics and on-chain trends indicate a continued decline. Despite reassurances, SNEK developers and users remain skeptical of Cardano’s direction.

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