โถ๏ธCardano's ADA Sees Volatility ๐
โก๏ธ Cardano's ADA token recently dropped 6% amid a heated debate over a proposed $100 million treasury allocation to boost the DeFi ecosystem. The proposal, led by TapTools, aims to deploy 140 million ADA to provide liquidity for stablecoins. However, some community members, like @cardano_whale, expressed concerns that this could trigger a price collapse due to increased sell pressure. Cardano founder Charles Hoskinson dismissed these concerns, emphasizing the need for deep stablecoin liquidity to drive DeFi growth ยน.
Current Market Performance
๐- Cardano (ADA): Trading at $0.6229, with a 1.71% drop in the past 24 hours
๐- Bitcoin (BTC): Showing resilience, with a sharp rebound after touching the 50-day Exponential Moving Average (EMA)
๐- Ethereum (ETH): Trading at $2,508, down 0.88% over 24 hours, but remaining above the key $2,500 support level
Other Crypto Updates
๐- XRP: Price surged, triggering short liquidations amid bullish signals
๐- Solana (SOL): Traded at $144.14, down 2.06% in the past 24 hours
๐- Litecoin (LTC): Under pressure, dropping 4.3% over the past week and 14% in the past 30 days due to geopolitical tensions.
