Widely respected economist Alex Krüger believes that one of Ethereum’s (ETH) competitors is undervalued because its ecosystem is buzzing with activity.
In a new interview with Bitcoin Suisse’s podcast Verified, Krüger said that Solana (SOL) has a more vibrant ecosystem than ETH and has greater potential. He predicts long-term upward momentum for SOL.
“I think Solana is huge and cheap compared to ETH. What’s happening in Solana is truly amazing. And I think everything should be long. The perfect chain for retail risk taking. Let me quantify this.
The daily trading volume of Memecoin WIF is approximately $40-$50 million. They’re basically making $100,000 a day in commissions. That’s all retail, and then you turn around and go to ETH, and there’s not a single memecoin on the ETH side that’s making more than $3 million a day. Product-market fit. Solana, the retail arm, is perfect for them. ETH is the complete opposite.
There are so many other chains, but importantly, there are currently only two real chains with smart contracts that have strong native communities. There is only ETH and Solana and nothing else. Currently, everything else is dominated by hard money. ETH and SOL are inhabited by indigenous people. So some people in SOL don’t know anything outside of SOL. Then going back to SOL, there are a lot of very good applications like Hivemapper that don’t exist on ETH because of their speed and lower price. I think a lot more innovation will happen at SOL that can’t happen at ETH.”
Solana is trading at $115.80 at the time of this writing, up almost 4% in the last 24 hours.
The economist also thinks the broader cryptocurrency market will remain bullish for some time.
“I still think about valuation. If you are as optimistic as I am, the optimal path is to invest as much as possible rather than trade, especially considering that the valuation of cryptocurrencies has not yet adjusted from 2023 levels. That’s right.”
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