- Cardano’s price has fallen sharply over two years, fueling claims that the chain is becoming a “ghost network.”
- CEO Alex Svanevik predicts ADA could fall out of the top 20, replaced by newer, faster chains like Hyperliquid, Monad, and Zcash.
- Supporters argue Cardano has survived years of doubt and still ranks in the top ten, leaving the debate wide open.
Cardano has had a pretty unforgiving run these past couple of years. In 2022, the blockchain watched its value sink more than 44%, and this year hasn’t been kinder, shaving off nearly another 28%. ADA slid from a fairly calm high near $0.82 all the way below $0.50, and that drop stirred up a lot of noise across the crypto space. Among the loudest voices was Nansen CEO Alex Svanevik, who didn’t sugarcoat anything—he bluntly claimed Cardano’s journey was basically over. According to him, ADA was getting pushed aside as newer, faster ecosystems rose into view.
A harsh forecast: “ghost chain” accusations resurface
Svanevik’s post hit X and spread fast, mostly because of how brutally direct it was. He predicted Cardano would fall out of the top 20 cryptocurrencies and even labeled it a “ghost chain,” saying it had hardly any active users and even fewer developers building on it. To him, the chain’s latest peak—over 50% below its 2021 all-time high—was proof that investors had already moved on. Engagement fades… projects disappear. That was the essence of his argument.
He also pointed to the projects he believes will surpass ADA if the current trend continues:
Hyperliquid, praised for speed and precision in continuous trading;
Monad, an EVM chain offering high performance while staying friendly to developers;
and Zcash, which still draws people who care deeply about privacy in a world where everything seems monitored.
In his view, these chains have momentum, purpose, and community—three things he claims Cardano is losing. Right now, ADA sits around $0.4657, barely holding support near $0.4600 after dipping just below it.
Community backlash grows as traders defend ADA
But of course, crypto never moves in one direction—especially not in opinion. Many weren’t having any of Svanevik’s claims. A trader known as @TradingAlpinist chimed in, saying Cardano has been declared “dead” more times than anyone can count, yet it’s still sitting in the top ten while its critics vanish into thin air. Another user even questioned the logic behind calling it a ghost chain at all—how does a “dead” blockchain stay relevant for nearly a decade?
Cardano’s founder, Charles Hoskinson, hasn’t directly addressed the latest wave of criticism, though months ago he did hint that 2026 could be a “beast year” for crypto. The community hangs onto that, watching the charts, waiting, wondering whether ADA has another big comeback left in it.
A long-standing debate that refuses to settle
Cardano seems stuck in one of those strange positions where the price looks weak, but the community refuses to believe the story is over. Critics argue the network is slow, developer interest is fading, and new chains are crowding it out. Supporters say ADA has always endured these cycles and emerges stronger each time. Right now, the tension between the two sides feels sharper than ever—and whether Cardano proves the skeptics wrong again might depend on how the next big market wave plays out.
