Cardano Price Rises Despite Decline in Wallet Numbers and Low Revenue

Despite its ecosystem facing several major problems, Cardano's price has been steadily climbing since July 28. The token moved from around $0.15 to a high near $0.199 today, representing growth of nearly 33% from the July 28 level.

Recent data from Santiment helps explain why this opposing development may be closely connected. Thousands of Cardano holders have left the network during the past two months, with 7,070 nonempty wallets closing.

Larger buyers appear to be absorbing the ADA sold by departing retail investors, which has provided demand for the tokens and contributed to the price recovery.