Cardano's ADA token dipped more than 6% as Charles Hoskinson defended a proposal to deploy 140M ADA from the treasury to kick-start stablecoin liquidity.
ADA fell 6.01% to $0.6412 after rejecting above $0.68 and testing lows near $0.625, according to CoinDesk Research's technical analysis model.
The Cardano community is split over proposed $100M allocation to support stablecoin liquidity.
IOG CEO Charles Hoskinson argued that the sale could be done gradually using over-the-counter trades and algorithmic execution tools, minimizing market impact.
A popular Cardano influencer voiced concern over front-running and sell pressure on ADAV.
Volume surged near $0.622 before price rebounded to $0.64 but faced resistance