XRP's 16,000 active addresses raise questions about its $115 billion market value

Galaxy Digital CEO Mike Novogratz questioned whether roughly 16,703 active XRP addresses justify a market value near $115 billion. On-chain data shows XRP and Cardano have far fewer active addresses than networks like Solana.

Mike Novogratz, founder and CEO of Galaxy Digital, recently questioned whether the number of active XRP addresses supports its reported market value. He referenced roughly 16,703 active XRP addresses while the token's market cap was about $115 billion. Novogratz also raised similar concerns about Cardano as the market shifts toward fundamentals. Supporters have argued there may be institutional accumulation behind the scenes. Key points reported: - Mike Novogratz raised doubts about XRP and Cardano's on-chain usage as valuation metrics. - CryptoQuant data was reported to show about 16,703 active XRP addresses. - Cardano's active addresses were reported above 19,000. - Solana typically shows far higher daily active addresses, driven by apps and DeFi. - Some market participants have claimed institutional stacking of XRP is occurring privately. Summary: These comments have prompted renewed discussion about how on-chain activity should relate to crypto valuations. You may want to watch on-chain metrics, institutional filings, and regulatory updates for clearer signals; Undetermined at this time.