Cardano Down Over 12% In A Month As Stablecoin Launch Is Pushed Back: 'Sell All Your ADA,' Says Report
Portfolio Pulse from Khyathi Dalal
Cardano's (ADA) anticipated stablecoin Mehen (USDM) launch has been delayed from January 16, 2024, to March 16, 2024, due to issues found in an audit by Sundae Labs. The delay aims to address security concerns and future-proof the smart contracts. Cardano's price has fallen 12.1% over the past month. K33 Research released a bearish report on Cardano, suggesting selling all ADA due to a lack of meaningful activity and stablecoin support, predicting ADA could become worthless if the situation doesn't improve.
January 16, 2024 | 7:25 pm
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NEGATIVE IMPACT
Cardano's ADA has seen a price drop of 12.1% in the last month, and the delay in the launch of its stablecoin Mehen could further impact investor sentiment negatively in the short term.
The delay in launching Mehen, a key component of Cardano's DeFi ecosystem, coupled with a bearish report from K33 Research, is likely to dampen investor enthusiasm and could lead to a further decline in ADA's price in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100