Beause they never did the lending part which was the main sales point...
Why the price down so much?

Lending here has always been just a way of mining tokens in reality. But everything else, crowdfunding, some sales... it's all non-competitive. Look at the prices. All this can be bought from the Chinese ten times cheaper. And there are a lot of crowdfunding platforms without elixir.
if indeed Elixir uses Crowdfunding then Elixr should be able to bind investors from outside users of crypto currencies,
because you certainly know the Crowdfunding system that is friendly to the security of investor funds