Arcane Research Makes Memecoin Prediction for 2022, Says Ethereum Will See Fierce Competition
Arcane Research is giving traders a glimpse of what could happen to Ethereum (ETH) and the meme coins in the coming year.
In The Weekly Update report, the crypto intelligence firm predicts that ETH will do better than Bitcoin (BTC) in price performance, but also that its market capitalization will continue to lag behind Bitcoin’s.
Ethereum’s valuation is currently at around $490 billion while BTC’s is at $1 trillion.
“ETH will continue to outperform BTC, but we will not see the market cap of ETH surpassing that of BTC.”
But Ethereum also faces threats from other layer-1 networks.
In 2021 Solana (SOL), Avalanche (AVAX), Terra (LUNA), Fantom (FTM) and Harmony (ONE) already far outpaced ETH in terms of profits. LUNA, which saw the highest return, posted an increase of 14,823%, compared to Ethereum’s 460% surge.
The report says that the native tokens of these platforms will continue to outperform ETH next year as user adoption and fund inflows continue to increase and drive up the price of these coins.
“Adoption of other layer-1s than Ethereum will continue to surge, and they will continue to outperform ETH.”
As for memecoins like the dog-themed tokens Dogecoin (DOGE) and Shiba Inu (SHIB), the firm predicts that the majority of these tokens will eventually fall following their massive rally in 2021.
“Most memecoins will fade into obscurity, being a historical relic of the absurd times that was 2021.”
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Author: Daily Hodl Staff
