Cardano faces price pressure as whales offload 110 million ADA

Cardano (ADA) is facing market pressure as large holders, or whales, reduced their holdings by over 110 million ADA during a five-day period starting October 8. This sell-off coincided with a price decline, leaving ADA trading near $0.23. Additionally, daily active addresses on the network saw a significant decrease of approximately 41%, dropping from 27,248 to 15,977.

Despite the price volatility and declining network participation, developments within the Cardano ecosystem continue. The Cardano Foundation recently introduced the CIP-0113 programmable token standard on the mainnet, designed to facilitate institutional use by integrating regulatory requirements like identity verification. Furthermore, total value locked in Cardano’s decentralized finance (DeFi) protocols has shown growth, rising to approximately 279.88 million ADA. Collaborations between entities such as Minswap and FluidTokens are also underway to enhance liquidity and trading services.