#CardanoDebate
Are major investors abandoning ADA due to the proposals of the project founder?
The Cardano (ADA) coin has experienced fluctuations recently, amid mixed signals from major investors.
While previous reports indicated that whale holdings of the currency increased by about 120 million ADA within 48 hours, analyst 'Ali Martinez' revealed that they later disposed of more than 270 million ADA in a week, equivalent to about 170 million dollars.
This contradictory behavior contributed to increased selling pressure on the coin.
The price of ADA dropped from 0.71 to less than 0.62 dollars, before recovering slightly to 0.636 dollars.
Warnings have increased about the possibility of a continued decline to the level of 0.5 dollars if the head and shoulders technical pattern is not broken.
Although geopolitical tensions represent a clear external factor in the market decline, some analysts pointed to an additional internal influence, represented by the recent proposal of Cardano founder 'Charles Hoskinson', who called for swapping 100 million dollars worth of ADA for Bitcoin and stablecoins to enhance decentralized finance on the Cardano network.
Despite the criticisms raised by this proposal, 'Hoskinson' quickly denied its negative impact, asserting that there is strong institutional demand for ADA outside trading platforms sufficient to absorb any potential selling pressure.
He argued that the development of the DeFi ecosystem on Cardano will compensate for any temporary withdrawals from the treasury.
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