Cardano Price Surges 26% as Whales Accumulate 240 Million ADA

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

This upward move comes despite a drop in the number of wallets holding ADA, with Santiment data showing that there are 7,070 fewer non-empty wallets on the Cardano network than two months ago.

However, the presence of whales accumulating large amounts of ADA, with over 240 million being held by big players in just five days, is seen as a contributing factor to the price increase.

The Cardano development team has been actively working on various initiatives, including Leios testnet, Hydra scaling, Mithril updates, Pyth Network integration, and Project Catalyst funding.