Cardano (ADA) is a blockchain platform that aims to create a more secure, transparent, and sustainable foundation for decentralized applications, systems, and societies. It is based on peer-reviewed research and evidence-based methods and uses a proof-of-stake consensus protocol called Ouroboros. ADA is the native coin of Cardano, named after Ada Lovelace, the first computer programmer.
On June 10, 2023, Cardano experienced a sharp decline in its price, dropping by 23% in a single day. This was part of a broader market correction that affected many cryptocurrencies and increased selling pressure from investors who took profits after Cardano reached its all-time high of $3.0992 in September 2022. According to data from Bybt.com, nearly $400 million worth of ADA positions were liquidated in the past 24 hours, indicating high volatility and risk in the market.
Despite the price drop, Cardano remains one of the top cryptocurrencies by market capitalization, ranking seventh as of June 10, 2023. It also has a loyal and active community of supporters who believe in its long-term vision and potential. Cardano is constantly developing and improving its platform, with several milestones achieved in the past year, such as the launch of smart contracts, native tokens, and decentralized applications. Cardano also has ambitious plans for the future, such as expanding its network to Africa and enabling interoperability with other blockchains.
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