ADA Drops 4% as $100M Treasury Shift Proposal Spurs Sell-Off Amid Strong Network Growth

Cardano (ADA) declined by 4.04% over the last 24 hours, falling from $0.6243 to $0.5991, as bearish sentiment intensified following founder Charles Hoskinson’s proposal to convert $100 million in ADA treasury funds to stablecoins and Bitcoin to bolster DeFi activity. This announcement, combined with a 7% drop in ADA derivatives open interest and $1.66 million in long liquidations, contributed to increased selling pressure and risk-off sentiment across the broader crypto market. ADA’s market capitalization is approximately $12.7–$13.5 billion with over $1 billion in daily trading volume, while network adoption remains strong, surpassing 5.4 million wallets despite ongoing price weakness.