Cardano‘s native token ADA plunged below $0.16, hitting its lowest value since December 2020 following a fresh wave of sell-offs. The sharp downturn accelerated after Cardano’s founder Charles Hoskinson announced he would be stepping back from the project for a period. Hoskinson recently warned that the Cardano ecosystem may face a wave of failures in the near future, suggesting several projects could shut down and highlighting ongoing funding challenges. These warnings put additional strain on the already struggling ADA price, intensifying downward pressure in the market.