Is Ethereum Overvalued Like the Meme Coin Shiba Inu?

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 Is Ethereum Overvalued Like the Meme Coin Shiba Inu? - NewsBTC

Quick Summary:

In the current landscape marked with scalable and low-fee alternatives, either built on Ethereum or existing as independent chains, the chain’s challenges no longer justify ETH trading at spot rates of about $3,000.  Related Reading: AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama Beyond scaling and throughput challenges, the investor also refers to the sharp decline in daily active users (DAUs) on the mainnet.

Since 2021, Ethereum and altcoin prices have peaked, and active DAUs have fallen from around 120,000 to approximately 66,000 in February 2024.  Though network supporters said there had been developments like layer-2 platforms like Arbitrum pinning their security on Ethereum, Krueger notes that even the most active and largest protocols by total value locked (TVL) have seen user losses.

It in the investor’s assessment that faster and cheaper alternatives like Solana, Avalanche, and Near Protocol offer better value for specific use cases like decentralized finance (DeFi) and games.  Related Reading: Bitcoin FOMO Hasn’t Spiked Yet: Green Signal For Rally To Continue?

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Article Details

Author / Journalist: Dalmas Ngetich

Category: Crypto



Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-02-21 @ 22:00:05 (3 months ago)

News Timezone: GMT +8:00

News Source URL:

Language: English

Article Length: 429 words

Reading Time: 3 minutes read

Sentences: 43 lines

Sentence Length: 10 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 20172910

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