According to @ItsDave_ADA, Cardano's ADA token experienced a significant 6.01% price drop to $0.6412, driven by a contentious governance proposal to allocate 140 million ADA (approximately $100 million) from the treasury to boost stablecoin liquidity. The proposal, initiated by the TapTools team, aims to strengthen Cardano's DeFi ecosystem. However, it has faced criticism from figures like @cardano_whale, who warned that introducing this level of sell pressure could be damaging in current market conditions. Cardano founder Charles Hoskinson countered these concerns, calling them a "false narrative" and suggesting the treasury could use over-the-counter (OTC) or time-weighted average price (TWAP) strategies to avoid market disruption. From a technical perspective, ADA fell from $0.688 to establish strong support at $0.622 before a slight recovery. Key resistance is now identified at $0.645, with buyers showing interest near the $0.636 level.

According to @ItsDave_ADA, the TapTools API offers traders and developers a highly cost-effective and fast solution for Cardano-based trading tools. The API was reported to be operational within minutes, featuring an intuitive interface and comprehensive documentation, which can streamline the development of trading bots, analytics dashboards, and DEX integrations on Cardano. These features make TapTools API a strong choice for those seeking reliable and scalable Cardano trading infrastructure (source: @ItsDave_ADA on Twitter, May 5, 2025).

According to @ItsDave_ADA, development companies focusing on Cardano are addressing the lack of tooling, such as SAIB, which is crucial for expanding the ecosystem and enhancing accessibility for developers. These efforts are key for traders looking to capitalize on Cardano's growth potential by ensuring the platform's robustness and developer support.