ADA Price Drops 2% Amid Whale Moves and $100M DeFi Proposal, Market Cap Holds at $17.4B

Cardano (ADA) traded lower in the past 24 hours, with the price declining by 2.06% from a 24h open of $0.6321 to $0.6191 on Binance. The price drop is primarily attributed to continued bearish sentiment in the altcoin market, technical breakdowns below key support levels, and significant whale activity, including the movement of 270 million ADA on-chain, which increased selling pressure. Additional market uncertainty stems from recent proposals to convert $100 million in ADA to Bitcoin and Cardano-native stablecoins to boost DeFi liquidity, as well as speculation around potential U.S. ETF approval. Despite short-term volatility and elevated trading volumes, ADA remains under pressure, with its market cap near $17.44 billion and circulating supply at approximately 35.7 billion ADA.