Cardano's ADA token slumped below $0.20 for the first time in over five years after founder Charles Hoskinson announced he is taking a break, following a string of setbacks for the blockchain network.
Hoskinson's remarks came in response to the shutdown of TapTools, a Cardano analytics platform that ceased operations after four years. In a video posted earlier this week, Hoskinson warned that deteriorating market conditions would force more projects to close.
"I said at the beginning of the year, we're going to see a lot of people collapse because the markets are really bad," Hoskinson said. "There's going to be a wave of failures in the ecosystem."
He also expressed frustration with what he described as limited community support for deploying treasury funds to support ecosystem growth.
The announcement comes days after Cardano's community voted against funding the ecosystem's flagship 2026 Summit conference in Singapore, forcing organizers to cancel the event.
ADA is down nearly 10% on the news and nearly 70% over the past year.