ADA Drops 8.46% After $71 Million Governance Vote Spurs Network Upgrades and Whale Activity

Cardano (ADAUSDT) experienced an 8.46% price decline over the past 24 hours, with the current price at $0.8479 on Binance. This downturn is primarily attributed to market reactions following Cardano's major governance vote, which approved a $71 million ADA allocation for network upgrades and ecosystem funding. Despite increased whale accumulation and a 5.28% rise in ADAUSDT futures open interest to $1.86 billion, the price faced resistance near $0.9430 and showed signs of buyer exhaustion. The 24-hour trading volume rose to approximately $2.75–$3 billion, reflecting heightened market activity, while Cardano's market capitalization stands near $30.50 billion.