ADA Token Faces 2.36% Drop Despite DeFi Expansion With cbADA Launch on Base Network

Cardano (ADA) experienced a 2.36% price decline over the last 24 hours, with the current price at $0.5583 according to Binance data. The recent price drop is primarily attributed to persistent bearish sentiment and increased selling pressure, despite Coinbase’s June 26 launch of cbADA, a wrapped ADA token on the Ethereum Layer 2 Base network, which expanded ADA’s DeFi utility. Trading volume has risen, indicating strong market activity but also heightened sell-offs. ADA maintains a market capitalization near $19.97 billion and ranks No. 10 by market cap, with approximately 35.37 billion tokens in circulation. Over the past week, ADA has declined by about 6.25%, and by 26.45% over the past month, reflecting a sustained downward trend. While technical analysis points to a bearish channel, some forecasts suggest potential for price recovery later in the year, though volatility is expected to persist.