Cardano (ADA) Slips 3% as Market Sell-Off Deepens

Cardano’s ADA declined about 3% in the past 24 hours, underperforming majors as a marketwide sell-off persisted and the project’s ‘Midnight’ airdrop introduced fresh cross-currents in order books. ADA oscillated roughly between $0.734–$0.760 on Tuesday and was last seen near $0.72, according to CoinDesk’s markets desk.

The down move tracked a broader risk-off stretch that also pushed BNB below $750 after bitcoin’s slide triggered about $360 million in liquidations over 24 hours, deepening fragility in altcoin liquidity. In that context, memecoins and high-beta names led losses, and ADA’s bounce attempts faded into local resistance.

‘Midnight’ airdrop: fuel for churn, not a straight line up

Cardano’s privacy-focused Midnight sidechain has been a catalyst for months, with founder Charles Hoskinson previewing a large multi-chain “Glacier Drop” airdrop for retail users at Consensus Toronto in May. The headline promise—distributing NIGHT tokens across major networks—set expectations for elevated activity around claim windows.

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