Cardano Price Soars on Whale Accumulation and Network Development

Cardano's price has surged by almost 26% over the past week, reaching its highest point since July 4 at $0.195.

This upward move comes as whales accumulate 240 million ADA in just five days, according to data analytics firm Santiment.

Despite the rally, the number of wallets holding ADA has dropped by 7,070 over two months, indicating that retail investors have not yet returned to the market.

The growing number of whales and continued network development have likely fueled this move higher, with various initiatives underway such as the Leios testnet, Hydra scaling, Mithril updates, Pyth Network integration, and Project Catalyst funding.