Main navigation

Cardano Community Alarmed as Robinhood and Celsius Poised to Dump Millions in ADA

Tue, 06/27/2023 - 14:53
article image
Gamza Khanzadaev
Millions of dollars worth of ADA might be dumped by major crypto platforms as soon as today, community concerned
Cardano Community Alarmed as Robinhood and Celsius Poised to Dump Millions in ADA
Cover image via
Read U.TODAY on
Google News

Recent discussions within the Cardano community have centered around the potential massive sell-off of the Cardano token, ADA, by major platforms such as Robinhood and Celsius. While the platforms have different reasons for their actions, the risk of a significant dump has raised concerns among the community.

Enthusiasts hold divergent views on the situation. Some argue that such a sell-off would not be extraordinary for the Cardano token, dismissing negative speculation as fear, uncertainty and doubt. Their rationale includes the fact that the total holdings of Robinhood and Celsius represent only a fraction of the ADA trading volume, and users have had ample time to transfer their ADA to other wallets. 

These enthusiasts believe that the event has already been factored into the market and that the negative sentiment surrounding it is more influential than actual sales.

Cardano (ADA), Polygon (MATIC), and Solana (SOL) to Be Dropped by Robinhood. What About Dogecoin (DOGE) and Shiba Inu (SHIB)?

However, others remain puzzled by the situation. They point out that Robinhood has set a deadline of June 27, after which all remaining ADA will be sold at market value. Jump Crypto, responsible for managing crypto for Robinhood, will have to liquidate its remaining holdings immediately.

ADA to USD by CoinMarketCap

On the other hand, Celsius has more flexibility and is likely to sell off its ADA holdings gradually over several months. The key question is how Jump will proceed, and the options range from selling off the market to depositing the assets onto centralized exchanges.

Cardano Cut from Major Exchange Amid SEC Probe: Here's ADA Price Reaction

In conclusion, the Cardano community remains on high alert as the possibility of major dumps by Robinhood and Celsius looms. The divergent opinions surrounding the event continue to fuel discussion, leaving both enthusiasts and skeptics eager to see how the situation unfolds in the coming days.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.