Cardano—Once The Third-Largest Cryptocurrency—Hits 6-Year Low: Here’s Why

BreakingBusinessCardano—Once The Third-Largest Cryptocurrency—Hits 6-Year Low: Here’s WhyByTy Roush,Forbes Staff. Ty Roush is a breaking news reporter based in New York City.Follow AuthorJun 03, 2026, 11:12am EDTToplineCardano’s ADA token, once the world’s third-largest cryptocurrency, extended losses on Wednesday as it traded near a six-year low following the cancellation of its flagship conference and a broader crypto market selloff. Cardano’s market value has plummeted by more than $80 billion in recent years. NurPhoto via Getty ImagesKey FactsThe value of Cardano dropped 2.3% over the last day to just over $0.21 as of Wednesday, the lowest level for the cryptocurrency since January 2021 ($0.17), according to CoinMarketCap.That extends a 10% decline for Cardano over the last week after the Cardano Foundation—the Swiss-based nonprofit that oversees and promotes the development of the Cardano blockchain—said on May 30 it would cancel its flagship summit following a failed community vote.Cardano, unlike other cryptocurrencies, is designed to be governed by its community, with holders voting on certain proposals and decisions.The Cardano community voted against—narrowly missing a two-thirds threshold—a $2 million funding proposal for the summit, to which the Cardano Foundation responded, “The Cardano community has spoken and we respect the outcome.”Other cryptocurrencies have tumbled over the last week: The price of bitcoin dropped below $67,000 on Wednesday, its lowest level since October 2024, while ethereum dropped nearly 10%, BNB fell by 2.8%, XRP declined by 7% and Tron decreased by 9.8%. if (!window.cnxel) { window.cnxel = {}; window.cnxel.cmd = []; var iframe = document.createElement('iframe'); iframe.style.display = 'none'; iframe.onload = function() { var iframeDoc = iframe.contentWindow.document; var script = iframeDoc.createElement('script'); script.src = '//cd.elements.video/player.js?cid=62cec241-7d09-4462-afc2-f72f8d8ef40a'; script.setAttribute('defer',...