Cardano's Price Plummets as Weak Network Activity Continues
Cardano's (ADA) price has been on a downward trend since its launch, plummeting from an all-time high of $3.10 to around $0.16 at press time.
The token ranked among the weakest-performing crypto tokens in the market, with a 2.14% drop over the past 24 hours and trading volume plummeting 23% to $177.3 million.
On-chain metrics paint an even bleaker picture for ADA's recovery case, with just 21,700 transactions logged on the Cardano network over the past day, a steep drop from roughly 57,000 at its peak.
The treasury's plan to raise its spending allocation from 350 million to 500 million ADA is seen as a potential turning point for the ecosystem, but it remains to be seen whether this will drive higher on-chain activity and attract more protocols to build on Cardano.