ADA Slides 2.5% as $100M Treasury Shift Proposal Spurs Debate and 270M Token Sell-Off

Cardano (ADA) is trading at $0.6239 on Binance, down 2.49% over the past 24 hours from an open of $0.6398. The recent price decline is primarily attributed to market reactions following Cardano founder Charles Hoskinson's proposal to convert $100 million of ADA from the treasury into Bitcoin and Cardano-native stablecoins, which has generated debate and uncertainty within the community. This development coincided with significant on-chain selling activity, as over 270 million ADA were reportedly sold by large holders in the week leading up to June 13, further contributing to downward price pressure. Despite these headwinds, ADA remains among the top ten cryptocurrencies by market capitalization, with robust liquidity and ongoing attention from both retail and institutional investors due to recent ETF approval prospects and its inclusion in the Nasdaq Crypto Index.