Cardano (ADA) fell about 15% in 24 hours to near $0.16 on Friday, its lowest level since late 2020, extending a selloff that has erased roughly 30% of its value in a week.

The drop left ADA ranked 17th by market value, with its market capitalization slipping below $6 billion. Cardano Foundation CEO Frederik Gregaard urged investors to look past short-term price action, but can they?

The token exchanged hands near $0.16, down about 15% on the day and roughly 30% over the past week.

That marked its weakest level since late 2020 and left ADA close to 95% below the $3.09 record it set in September 2021.

The fall tracked a wider risk-off move across digital assets. Trading volume topped $1.1 billion as sellers pressured the price. Search interest in the term ADA price also spiked sharply as the decline accelerated.

However, some on-chain signals stayed firm. Reports show active addresses rising during the dip, even as the token printed fresh lows.

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Gregaard, the Foundation’s first chief executive since 2020 and a former PwC banking executive, separated market sentiment from network progress.

He pointed to governance running at scale, expanding DeFi projects, and real-world asset work across several regions.

“What matters long term is not short-term market sentiment, but whether an ecosystem continues to build meaningful infrastructure and attract real adoption,” Gregaard stated.

He framed that progress as verifiable and auditable on-chain, highlighting decentralized voting under the network’s on-chain governance framework, treasury activity, and identity work, including a program tied to 20,000 farmers in India.

The defense arrived during a difficult stretch for Cardano. Analytics platform TapTools said on June 3 it would wind down within two weeks after losing five senior executives this year, including both co-founders.

That closure followed the shutdown of the leading NFT marketplace JPG.Store in May, part of a broader wave of project shutdowns.

Founder Charles Hoskinson also stepped back from public engagement, citing online toxicity. A failed community vote earlier canceled the 2026 summit.

Amid all these controversies, investor interest in the “ADA price” is surging, rising 73% since late May.

The coming weeks will test whether Gregaard’s focus on fundamentals can steady confidence, or whether falling prices keep driving the story.

The post Cardano CEO Urges Calm as ADA Crashes to 2020 Lows appeared first on BeInCrypto.

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