Cardano Price Drops 23% in a Week, Despite Platform’s Announcements

It seems that recent announcements by Cardano have not helped their token ADA – or have perhaps prevented it from dropping further – as the price down more than 20% in the past week.

September for Cardano was the month of their second anniversary celebrations. As a part of those celebrations, the platform has organized a Cardano Anniversary Meetup in Plovdiv, Bulgaria, for their community to join in planting trees, among other things, while the guests included Charles Hoskinson and David Esser from Input Output Hong Kong (IOHK), a blockchain development studio contracted to design, build, and maintain the Cardano platform, Hinrich Pfeifer from the Cardano Foundation, and Ken Kodama from Emurgo, the venture arm of Cardano.

IOHK has used the opportunity to announce their new pilot partnership with the major sneakers and sportswear brand, New Balance, which will start using the Cardano blockchain in order to authenticate footwear through a consumer-level verification solution designed for the secondary market, according to multiple media reports. ADA reportedly is not going to be used in this project.

Last week, Cardano also launched its network testnet, “Shelley”, which is used to test ideas prior to their implementation on the mainnet. The announcement by IOHK says that after a successful test run in London, the Shelley testnet is now available to the community – a move which the platform calls “an important milestone for the Shelley era of Cardano“ and “a new phase is the first decentralized implementation of the Ouroboros Genesis consensus algorithm.“ Right now, Cardano mainnet operates on a federated model, the studio explains, where the nodes are controlled by either the Cardano Foundation, IOHK, or Emurgo.

In an interview with Cryptonews.com earlier this year, Hoskinson said that the core goal of Shelley is decentralization.

Nonetheless, even with these recent announcements, the price of ADA has dropped 24.5% in the past week, and 1.7% in the past 24 hours (09:28 UTC). After the soar to 0.054 on September 18th, the price started falling. In the last week alone, the drop wasn’t gradual, as the latest turbulence in the market likely affected Cardano’s price too. We see it plunging on September 24th, followed by a gradual climb, then another less dramatic drop on the 28th. Though it has been falling since, the last hour seems to be bringing good news to Cardano, with a slight rise, though this is may be just a standard fluctuation.

Currently, the 12th coin by total market capitalization trades at c. USD 0.037.

ADA price chart:

The community doesn’t seem worried about the price though, as they are congratulating the platform and its partners on the second anniversary and on the new collaboration.