Cardano ADA shorts spike to highest since June 2023 as 71% crash meets Midnight launch this week risk

Cardano is attempting to turn the imminent mainnet launch of the Midnight network, a privacy-focused sidechain, into a repair job as market data signals extreme negative sentiment toward its native ADA token. Data from Santiment shows that the average wallet active on the Cardano network over the past year has earned a negative 43% return on its investment. At the same time, Binance funding rates currently show the l…