Cardano (ADA ) coin that was launched last Friday with a huge valuation of over $500 million barely traded three days smoothly on Bittrex, the only exchange where its currently listed.
It started big taking the 17th spot on coinmarketcap.com in terms of market valuation
There will only be 45 billion ADA coins in existence with already 30 billion currently in circulation. Many skeptics think the coins issued were just too many and there's no reason for the coin to rise in value ,this might explain the dumping that happened and Bittrex was forced to halt trade on this currency citing automated maintenance
Why would a coin need an automated maintenance just days after launch and not be subjected to market forces ?
ADA is almost like Ethereum in the smart contracts arena and is currently being led by former Ethereum CEO - Charles Hoskinson.
We are yet to see what will happen when trading on ADA reopens but I can guess the dumping will continue. For a coin with so much promise ,one would expect it to be relatively stable on its first days.