Cardano Foundation Drops $15M to Pump Network, But ADA Price Still Flops

Holy smokes, the Cardano Foundation just threw down a cool $15 million trying to get the Cardano (ADA) network buzzing, but guess what? The price ain't budging! On June 10th, they dropped a report spilling the beans on their 2024 spending spree, including some slick deals like the one with Barcelona FC. Talk about trying to score some goals in the crypto world!

So, what's the damage? The report says they splashed out a whopping $29.2 million in total. They forked out $22.1 million to beef up strategic spots like adoption, core ops, and schooling folks on Cardano. Plus, another $7.1 million went to keeping the lights on with legal, finance, and network stuff.

Where'd the cash come from? Straight from the Cardano Foundation's piggy bank, sitting pretty at $659.1 million by the end of 2024. Most of it, 76.7%, is in ADA, with 14.9% in Bitcoin (BTC), and the rest, 8.3%, in cash and other goodies. Frederik Gregaard, the big boss at the Cardano Foundation, says they're all about using that dough wisely.

"We're laser-focused on juggling costs and income while making the biggest splash for the whole Cardano fam," says Gregaard.

When Will Cardano's Price Finally Take Off?

But here's the kicker: despite all that spending, Cardano's price is still playing hard to get. After a wild rally back in November, hitting a yearly high of $1.32, it's been sliding down a slippery slope. Right now, ADA's down a gut-punching 50% from its December highs last year.

And it's not just the price that's lagging. Cardano's struggling to keep developers and users hooked. They've got a measly 49 devs and a total value locked of just $348 million. Compare that to Solana, strutting its stuff with 232 dApps and over $20 billion locked up. Plus, a lot of those Cardano dApps are snoozing with barely any user action.

Bottom line? Cardano's price ain't gonna soar until it can pull in more devs and get users buzzing around its ecosystem. Buckle up, folks, it's gonna be a wild ride!