Cardano Investors Bleed Red as ADA Price Tanks

May 31, 2023 William Johnson Cryptocurrency News 1

Cardano [ADA] crashes below $0.4300 as bears take charge

Data from crypto intelligence portal IntoTheBlock reveals a disheartening trend for Cardano (ADA) investors, with over 6.5 billion ADAs currently sitting in loss.

The number of ADA addresses currently in loss has been on a steady increase since the start of the year. As of May 31, 2023, there are over 6.5 billion ADAs, or 17.5% of the total supply, that are currently in loss. This represents a significant increase from the 4.5 billion ADAs that were in loss at the start of the year.

The increase in the number of ADA addresses in loss is likely due to the recent decline in the price of ADA. ADA has lost over 70% of its value since its all-time high of $3.16 in September 2021. As a result of the price decline, many investors who bought ADA at higher prices are now sitting on losses.

The increase in the number of ADA addresses in loss is a concerning trend for Cardano investors. It suggests that there is a growing number of investors who are losing money on their ADA investments. This could lead to a decrease in the demand for ADA, which could further drive down the price of the cryptocurrency.

It remains to be seen whether the price of ADA will recover from its recent decline. However, the increase in the number of ADA addresses in loss is a sign that the cryptocurrency is facing some challenges. Investors should carefully consider the risks before investing in ADA.

Here are some of the factors that could contribute to the decline in the price of ADA:

  • The overall decline in the cryptocurrency market.
  • The lack of major developments on the Cardano network.
  • The competition from other cryptocurrencies, such as Ethereum and Solana.

Investors should carefully consider these factors before investing in ADA.

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About William Johnson 193 Articles
A keen tech enthusiast who loves to keep a tab on the tech scene, with special emphasis on things like smartphones, tablets, laptops, convertibles and such. Cars happen to be his other passion, not to mention the recent trend here comprising of electric cars and autonomous cars. Off late, he has also started tinkering a bit with stuff like electronic circuits, electric motors a bit though he's just a novice there.

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