Here's Why Cardano Plunged More than 7% Thursday

Core Insights - Cardano (CRYPTO: ADA) is currently the largest underperformer among the top-10 cryptocurrencies, experiencing a decline of 7.7% in the past 24 hours, significantly worse than the broader crypto sector's decline of 0.8% [1] - The decline in Cardano's value is attributed to the disappointing launch of the Midnight Network's NIGHT token, which saw a steep selling activity leading to a 90% drop over two days [5][8] Group 1 - The Midnight Network is a privacy-focused sidechain that generated excitement within the Cardano community, particularly with the launch of the NIGHT token via an airdrop [4] - The significant selling pressure on the NIGHT token has raised concerns about potential oversupply and its implications for Cardano's tokenomics [5] - The overall sentiment in the crypto market has weakened, which may have contributed to the sell-off, and the willingness of token recipients to sell could create ongoing concerns within the Cardano community [6] Group 2 - The Motley Fool Stock Advisor analyst team has identified 10 stocks they believe are better investment opportunities than Cardano at this time [7] - Historical examples of successful stock recommendations highlight the potential for significant returns, contrasting with the current situation of Cardano [8]