Topline
Cardano’s ADA token, once the world’s third-largest cryptocurrency, extended losses on Wednesday as it traded near a six-year low following the cancellation of its flagship conference and a broader crypto market selloff.
Key Facts
The 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), according to CoinMarketCap.
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.
The Cardano community voted against—narrowly missing a two-thirds threshold—a $2 million funding proposal for the summit, to which the Cardano Foundation responded, “The Cardano community has spoken and we respect the outcome.”
Other cryptocurrencies have tumbled over the last week: The price of bitcoin dropped below $67,000 on Wednesday, its lowest level since October 2024, while ethereum dropped nearly 10%, BNB fell by 2.8%, XRP declined by 7% and Tron decreased by 9.8%.
Why Are Bitcoin And Other Cryptocurrencies Trading Down?
The latest decline for bitcoin came after the cryptocurrency’s largest institutional holder, billionaire Michael Saylor’s Strategy, announced it would sell 32 bitcoins to raise about $2.5 million. That’s the second such sale from Strategy and its first since December 2022, appearing to spark broader pessimism across the crypto market.
Big Number
$91.6 billion. That was Cardano’s all-time market value, set in August 2021, when the token ranked as the third-largest cryptocurrency behind bitcoin and ethereum. Cardano has a market capitalization of just $7.7 billion as of Wednesday, ranking the 13th-largest cryptocurrency.
Surprising Fact
About 67% of Cardano’s supply is controlled by holders with at least 1 million tokens, according to the crypto analysis firm Santiment.
Key Background
Cardano was among the cryptocurrencies that rode a surge in market demand after the pandemic, though the token has fallen since its 2021 peak. Even as it rallied, competition intensified among other larger cryptocurrencies, including ethereum, the world’s second-largest cryptocurrency, lowering demand for Cardano. It benefited from another brief surge in late 2024 and early 2025 as the Trump administration pushed pro-crypto legislation and as President Donald Trump called for the U.S. to become the “crypto capital of the world,” but the token steadily declined after hitting a peak of $1.21 in December 2024.
