Panic among Ethereum followers: Solana threatens to overtake ETH

The panic surrounding Ethereum is greater than ever. While supporters of the protocol years ago called for “the flipping” where they would overtake Bitcoin, they now have to worry about Solana catching up.

Ethereum in trouble

Compared to Bitcoin, the Ethereum price has already fallen to the lowest point in more than three years, but ETH is also having a hard time compared to Solana.

Solana rose by 17% over the past seven days, while Ethereum mainly remains around the same price level. Some analysts see this as a “rotation” out of Ethereum and into Solana.

Since 2023, Solana managed to rise by approximately 600% against Ethereum. Primarily driven by the craziness surrounding memecoins on the smart contract platform.

Because of these increases, we now hear people speculating about whether Solana will overtake Ethereum. Although there is still a long way to go. Ethereum has a market cap of over $300 billion, while Solana has to make do with $82 billion.

Ethereum’s defense

Eric Connor, a developer working on Ethereum, dismisses all criticism. According to him, Vitalik Buterin’s platform remains the major leader in smart contracts, and the only one with a commitment to “true decentralization” with significant institutional adoption and developer activity.

“I’ve always said that Ethereum is a multi-decade investment, but it’s still on track to emerge as the big winner,” Connor said.

Meanwhile, independent trader Bob Loukas also made a statement about Ethereum. He admits that he has been negative lately, but that criticism does not mean that Ethereum remains a very relevant and big part of the future.

According to Loukas, we are currently mainly seeing repricing based on where economic activity is. He points to the many layer-2 blockchains that are currently very popular.