Cardano volume jumps 92% amid controversy – Impact on ADA’s price?

Key Points

1. Cardano's derivatives market shows bullish activity with a 92.42% surge in Futures trading volume to $4.53 billion and a 12.06% rise in Open Interest to $1.45 billion.

2. Funding Rates climbed to 0.0285, and Binance's ADA/USDT traders exhibited a Long/Short Ratio of nearly 3:1, signaling strong capital inflows and trader confidence.

3. A controversy emerged with scam accusations against a Cardano-associated employee, prompting a public response from founder Charles Hoskinson.

4. Despite the controversy, ADA's price surged to $0.86 with a 4.6% daily gain, though the RSI of 82.17 suggests it may be overbought and due for a short-term pullback.