Cardano drops to $0.21, lowest level since January 2021, after summit cancellation
By
Ty Roush
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Summary
Cardano (ADA) has dropped to a six-year low of approximately $0.21, its lowest since January 2021, following a 2.3% decline in the last day and a 10% weekly drop. The decline was triggered by the Cardano Foundation's announcement on May 30 that it would cancel its flagship summit after a failed community vote. Cardano's unique community-governance model means holders vote on key proposals, and the market has reacted negatively to the failed vote outcome. The cryptocurrency has lost over $80 billion in market value in recent years.
Key quotes
· 3 pulledThe value of Cardano dropped 2.3% over the last day to just over $0.21 as of Wednesday, the lowest level for the cryptocurrency since January 2021 ($0.17)
That extends a 10% decline for Cardano over the last week after the Cardano Foundation—the Swiss-based nonprofit that oversees and promotes the development of the Cardano blockchain—said on May 30 it would cancel its flagship summit following a failed community vote.
Cardano, unlike other cryptocurrencies, is designed to be governed by its community, with holders voting on certain proposals and decisions.
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