Cardano's Price Rally Fuels Accumulation by Stronger Hands

Cardano's ADA token has seen a 24% market cap gain over the past week, breaking above $0.195 for the first time since July 4.

This price increase is accompanied by a drop in non-empty wallets, with 7,070 fewer compared to two months ago, according to Santiment's data.

This divergence suggests that stronger buyers are accumulating ADA while the broader retail crowd stays away.

The Cardano ecosystem has been busy with developments such as Leios testnet work, Hydra scaling progress, Mithril upgrades, and Pyth oracle services integration, which could be contributing to this accumulation thesis.