Cardano (ADA) Slumps After Outperforming Bitcoin, Ethereum

Cardano ADA/USD traded 10.8% lower at $0.5982 over 24 hours at the time of writing. The price is seeing weakness on Wednesday after the coin significantly outshone major cryptocurrencies like Bitcoin, Ethereum and Dogecoin DOGE/USD over the past week.

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The Cardano Factors

• Cardano was among the most mentioned coins on Twitter, according to Cointrendz data. The three most mentioned coins at press time were Bitcoin, Ethereum, and Solana.
• The 24-hour trading volume for ADA rose 42% to $2.6 billion, according to CoinMarketCap data.
• Coinglass figures indicate that $6.38 million worth of ADA were liquidated as the value of the Charles Hoskinson-created cryptocurrency rose.

ETH-ADA Token Bridge

Norway-based cloud computing platform Iagon announced the launch of its Ethereum-Cardano bridge last week. The beta version of the bridge is live. The bridge is powered by Cardano sidechain protocol Milkomedia and the cross-chain messaging protocol Nomad. ADA has shot up nearly 15% over a seven-day period. 

Iagon Ethereum-Cardano #TokenBridge is launched

We believe that our solution powered by @Milkomeda_com & @nomadxyz_ contributes @Cardano development & growth

Time to try it – https://t.co/y96PfMPbTk#buildingoncardano #CardanoCommunity pic.twitter.com/monHzOOVU4

— Iagon (@IagonOfficial) May 25, 2022

Iagon announced a UI bug bounty for the bridge on Monday, which will continue until July 15. Rewards up to $1,000 will be paid in Cardano. Rewards vary on the severity of bugs discovered.

Cardano On The Web

Hoskinson said in a recent interview that the collapse of Terra Classic (LUNC) and TerraClassicUSD (USTC) should be seen as an endorsement of the go-slow approach taken by Cardano.

“If you move too quickly, as we’ve seen with Luna, and we’ve seen with $10.5 billion of hacks last year, you could actually get it to work until it doesn’t, and then when it doesn’t it’s a catastrophic failure and everybody loses their money,” said Hoskinson, reported CoinDesk.

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