Cardano (CRYPTO: ADA) has reached an all-time low of $0.1608, marking a significant decline from its peak of $3.08 in September 2021. This drop has resulted in a market capitalization decrease from $91 billion to approximately $5.8 billion. The project, founded by Charles Hoskinson, was once considered a strong competitor to Ethereum due to its decentralization, lower carbon footprint, and peer-reviewed development process. However, it has now been labeled a 'ghost chain' due to minimal utility and a lack of developer engagement. The total value locked in Cardano's decentralized finance (DeFi) ecosystem has plummeted from $700 million to just $90 million, indicating a significant loss of interest. Despite efforts to rejuvenate the platform with new projects like Midnight and the upcoming Leios upgrade, the future remains uncertain, especially as competitors like Solana handle thousands of transactions per second. Current technical analysis suggests further potential declines, with a key support level breached and bearish trends indicating a target price of $0.100.