These feedback got here as ADA has fallen firmly out of the highest 10 alts by market cap after a large plunge since its ATH.
Cardano’s growth started simply over a decade in the past, nevertheless it took a few years for the precise launch. Arguably, the much more vital launch of sensible contracts, although, got here in 2021 after the extremely debated Alonzo improve.
Its native token has change into a fan favourite amongst many crypto traders, however there are additionally a considerable variety of doubters and critics.
Most Overvalued Community?
Satoshi Flipper, one of the recognizable names on Crypto X with over 240,000 followers, shared one other analyst’s viewpoint on the Charles Hoskinson-founded community with the caption, “Is Cardano essentially the most overvalued blockchain on the planet?”
The underlying evaluation questions the efficiency of the blockchain. It cited a DeFi whole worth locked (TVL) variety of simply $128 million, which is strictly what DeFiLlama reveals as of press time, in addition to a 24-hour DEX buying and selling quantity of simply $1.3 million, $26 million price of stablecoins on prime of it, and roughly 17k lively addresses.
Eye Zen Hour described this as an “extremely small on-chain economic system relative to valuation.” The valuation itself is a $9 billion market cap for Cardano’s native token, which, regardless of its large decline since its peak (to be mentioned later), continues to be a prime 15 altcoin by that metric.
Consequently, Zen Hour concluded that the market will finally should make an vital resolution on Cardano and ADA, whether or not it is valuing an ecosystem or “only a reminiscence from earlier cycles.”
Cardano has a $9B market cap
I am not joking after I say I do not know a single actual particular person lively on Cardano. I do not know many holdings $ADA
The chain’s numbers are a bit scary:
> TVL: $128M
> 24H DEX vol: $1.3M
> Stablecoins: $26M
> ~17K lively addressesThat is an extremely… pic.twitter.com/BWhn3fzQzZ
— eye zen hour 🥶 (@eyezenhour) May 23, 2026
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ADA’s Reminiscence From Previous Cycles
The aforementioned Alonzo replace coincided with ADA’s most spectacular value surge in Q3, 2021. On the time, the token was driving excessive alongside the remainder of the market and charted a brand new all-time excessive of simply over $3. Nonetheless, it turned out to be a traditional sell-the-news occasion, and ADA has been unable to recapture its former glory.
The truth is, it hasn’t even come shut. In the course of the 2025 market-wide rally, bitcoin, in addition to many altcoins, managed to publish new peaks. Nonetheless, ADA’s excessive was removed from its 2021 report because it couldn’t break previous $1.3. It presently struggles under $0.25, which represents a mind-blowing decline of over 92% since its 2021 ATH.
Though nearly all crypto belongings have slumped since final October, ADA’s crash has been greater than only a correction, and being 92% away from its report would not sound too promising for its huge group.
