Cardano’s ADA token has shown a modest rebound, rising 2.13% over the past 24 hours to trade at $0.6365 on Binance. This comes after a week marked by significant volatility, with ADA suffering sharp losses following the movement of 270 million tokens and concerns over a controversial proposal to convert 140 million ADA from the treasury into the USDM stablecoin. The goal of the proposal is to inject liquidity into Cardano’s decentralized finance (DeFi) ecosystem, which remains a critical focus for the network’s future growth. Adding to the momentum, ADA’s inclusion in the Nasdaq Crypto Index has boosted its profile among institutional investors. Despite this uptick, trading volumes remain subdued at around $640 million, and sentiment is still cautious due to lingering technical weakness. The token’s market capitalization stands at approximately $35.7 billion, but it remains down 14% over the past week and 26% since the start of the year, underscoring the uncertainty facing both ADA and the broader crypto market.
