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Cardano Price Set for Major Volatility as Foundation Plans 500M ADA Sell – What’s Going On?

06.11.2024
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The Cardano (ADA) price is set for major volatility as the outcome of US election day looms, and the discussion surrounding the Cardano Foundation’s budget proposal heats up.

ADA was last changing hands around $0.337. It kicked well within recent ranges but is still below its 50DMA, which has acted as strong resistance in recent months.

Cardano Price Set for Major Volatility as Foundation Plans 500M ADA Sell

The outcome of the election will determine the near-term direction of the Cardano price, with crypto bulls hoping for a Trump victory.

Trump is widely viewed as the more pro-crypto candidate, and his victory, plus a Republican sweep in Congress, would be expected to herald a new era of pro-crypto policy in the US.

Beaten-down altcoins like Cardano, which the SEC labeled as a security back in 2023 and remains down more than 90% from its record highs, could be some of the best performers in the short term.

However, angst is growing amongst members of the Cardano community that the Cardano Foundation’s budget proposal for 2025 could hurt the price.

X user Nicolas Cerny summarized the latest Cardano Foundation budget proposal in the tweet thread below.

1/ 📒 2025 Budget Overview
🔹 Estimated budget: 300m – 500m $ADA
🔹 Each committee has a dedicated budget, overseen by the Budget Committee for efficient and impactful fund use.

— Nicolas Cerny (@NicolasC3rny) October 31, 2024

However, the most important takeaway is the first line – the budget could require between 300 and 500 million ADA sales.

X user GAIA Stake Pool argues that even if not all are sold simultaneously, 500 million in ADA sales would have negative price implications.

I've taken the time to review the #Cardano 2025 budget materials, and here is my take 🔥
1⃣ 300 – 500 Million $ADA is too much of an ask for any entity for the 2025 budget.
Even if this amount of ADA is not sold all at once, opening up ~500 million ADA to be sold will have… https://t.co/9taQdKJuer pic.twitter.com/KFpbu7Q9uM

— GAIA Stake Pool 🇨🇦 Make a Difference SPO & DRep (@GAIAstakepool) November 4, 2024

“This would harm all ADA holders and builders financially,” they added.

Where Next for the Cardano Price?

Cardano has been a big underperformer in the last two years. Indeed, the Cardano price never escaped the 2022 bear market and remains only around 55% above its June 2023 lows.

Meanwhile, its major rivals, Solana (SOL) and Ethereum (ETH), are up over 1,900% and 180%, respectively, from their 2022 lows.

That reflects a weak adoption narrative, with Cardano’s trade value locked (TVL – the $ value of crypto locked in Cardano smart contracts) remaining tiny compared to most of its major rivals.

However, if a new bull market comes, Cardano could be set for catch-up growth in 2025. One way to kill that would be with a massive Cardano Foundation sale of 500 million ADA.

ADA traders will need to monitor this theme carefully. But assuming Trump wins today’s US election (he is currently favored by around 60% in the betting markets), the door could open for a quick return to yearly highs in the $0.80 area.

So, while the longer-term outlook for the Cardano price is unclear, it could be one of the best cryptos to buy now for quick gains.

Alternative to Consider – Crypto All-stars (CAS)

Cardano could be a good addition to a crypto investor’s portfolio, but some will look to add coins with higher upside potential than the Cardano price offers.

One of the best ways to generate big profits in crypto is to invest in high-potential new meme coins before they explode.

One of the best ways to do that is by investing in meme coin presales.

One new meme coin presale that the team at cryptonews.com is a big fan of is a fun new meme coin called DeFi protocol called Crypto All-stars (STARS).

STARS is a brand new meme coin staking protocol that allows users to earn big passive income yields.

All of your favourite meme's on the way to the MemeVault 👾✨ pic.twitter.com/6iph0X6t7u

— Crypto All-Stars (@all_stars_coin) November 5, 2024

Excitement about the project’s innovative new “Meme Vault” has helped its presale surge to over $3 million in only around two months.

In the video below, cryptonews.com‘s in-house analyst, Crypto Arjay, outlines why Crypto All-stars is one of the most highly anticipated meme coin launches of the year.

Buy STARS Here

The post Cardano Price Set for Major Volatility as Foundation Plans 500M ADA Sell – What’s Going On? appeared first on Cryptonews.

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CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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