On Monday afternoon, Cardano (CRYPTO: ADA) experienced a significant decline, dropping over 8% in its 24-hour trading period. In comparison, major cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) both saw an over 6% decline in the same timeframe.

What Happened: According to CoinGlass, ADA's open interest in the past 24 hours has declined by 14%, signaling an outflow of money from the market. 

Crypto analyst, Ali Martinez took to his X handle on Dec.9, pointing out that sell signals can be seen on both the 3-day and 1-day ADA charts marking a potential correction of one to four candlesticks. He went on to add, “This may just be a short-term pullback before #Cardano resumes its uptrend!”

The Cardano community on Sunday celebrated the 208th birthday of Ada Lovelace, a pioneering mathematician and computer programmer. Her work laid the foundation for modern computing.

Why It Matters: With a Total Value Locked of $367.87 million, based on DefiLlama data, Cardano has managed its way into the top 10 cryptocurrencies. Notably, ADA has seen a price surge of 32.5% in its last seven-day trading session, peaking at its highest level since June 2022.

The Cardano Foundation announced the launch of a self-sovereign “Identity Wallet” on Monday for managing self-sovereign identities across Cardano and other blockchain networks. The wallet, which is a W3C-compatible mobile wallet, consists of a mobile application available for iOS and Android.

The wallet supports multiple identity and credential standards, securely manages digital assets, smooth interactions with DApps on Cardano, reduces barriers to entry for new users, and provides interoperability across various ecosystems.

Last week, Cardano founder Charles Hoskinson tagged rapper 50 Cent on X stating that, “we are both in the same club.” The message received a positive response from the Cardano community.

X Rumors Lead FREYA Rally: Separately, Hoskinson took to his X handle with a picture of his pet dog, Freya, and stated, “Santa Bart is coming for Christmas.” The post unintentionally sparked a trading frenzy in the Freya NFT project.

He later clarified in another post on X that he was not associated with the Freya project. "I have nothing to do with fan projects like Freya or other NFT plays. It's flattering that people make artwork about my dog or my life, but I'm not affiliated, have not done any diligence on these projects, and do not endorse them."

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