Cardano Gets a Boost on Coinbase—But Traders Are Betting Against ADA

Cardano’s price action has remained lackluster over the past 24 hours, even after Coinbase launched a wrapped version of its native token, cbADA, on its Ethereum layer-2 network, Base. The altcoin has failed to capitalize on the announcement and has shown weak price performance since the rollout. Cardano Extends Losses Despite cbADA Going Live on Base On Wednesday, leading cryptocurrency exchnage Coinbase announced the launch of cbADA, a wrapped version of Cardano’s native coin, on its Base network. Fully backed 1:1 by ADA held in Coinbase custody with proof-of-reserves, cbADA aims to bring Cardano liquidity into the Ethereum DeFi ecosystem source: https://beincrypto.com/cardano-price-struggles-despite-coinbase-push/