ADA Token Drops 3.09% Amid Whale Accumulation and Grayscale ETF Uncertainty

Cardano (ADAUSDT) experienced a 3.09% price decline over the last 24 hours, with the current price at $0.5732 on Binance. The recent downward movement can be attributed to mixed news flow, including conflicting reports about SEC actions on Grayscale’s Cardano ETF, technical analysis indicating bearish sentiment, and broader market volatility. Despite positive developments such as Cardano whales accumulating over 310 million ADA and the Cardano founder’s proposal to convert treasury funds to stablecoins and Bitcoin to boost DeFi, these factors were outweighed by short-term selling pressure and market uncertainty. Trading volume has increased significantly, reflecting heightened activity, while Cardano maintains a strong market capitalization near $20.5 billion and a circulating supply of around 36 billion ADA.