According to the Crypto Economy Analytics:

Cardano ($ADA ) has lost a considerable portion of its value and has fallen out of the top 10 cryptocurrencies by market capitalization, currently standing at the eleventh position. Previously, ADA enjoyed consistent growth. However, it has faced several challenges leading to this outcome.

Since early January, ADA has experienced a gradual loss in market share. Despite a slight increase following the 2022 bear market, its overall trend has been downward. Currently, ADA is down by 0.4%, with a trading price of $0.3365 per token. It has a market capitalization of approximately $12 billion, just below TRON’s TRX token, which has a capitalization of $12.15 billion.

Cardano was launched in 2017 by Charles Hoskinson, who had previously worked on the development of Ethereum. The network was notable for implementing a proof-of-stake consensus algorithm while maintaining Bitcoin’s UTXO ledger model.