Cardano's $85 Billion Collapse: A Ghost Chain in the Making

Cardano's market capitalization has plummeted by over $85 billion since its peak in 2021, falling from $91 billion to around $5.7 billion today.

The cryptocurrency's price has also declined dramatically, trading at just $0.1590 and down more than 95% from its all-time high.

Despite being launched as a more efficient alternative to Ethereum, Cardano has failed to gain traction in several key areas, including decentralized finance (DeFi) and real-world asset tokenization.

The network has only $88 million in total value locked (TVL), down from over $700 million early last year, and its DEX activity has also waned significantly.