Trader Says Solana Might Overtake Ethereum, Warns ETH’s Prominence Doesn’t Guarantee Permanent Dominance

A veteran trader is warning that Ethereum’s (ETH) place as the dominant smart contract platform is not as set in stone as many believe.

Pseudonymous trader The Flow Horse tells his 210,000 followers that there’s a possibility that Ethereum is like Compaq Computer Corporation, which was the top dog in its field before eventually fizzling out and being acquired by HP in 2002.

He says the scenario of Ethereum succumbing to Solana (SOL) has “definitely grown.”

“The possibility of Solana overtaking Ethereum has definitely grown. Current trends and sentiments among ETH’s staunchest supporters suggest an expectation for a natural mean reversion in ETH’s favor.

However, given how nascent the crypto market is, it’s premature to declare any platform the definitive leader. Much like Compaq in the early days of personal computing, ETH might currently enjoy prominence, but this doesn’t guarantee its permanent dominance.”

Speaking of Solana, The Flow Horse is also watching the explosive memecoin ecosystem on the Ethereum rival’s network, which has driven a massive surge in volume on Solana-based decentralized exchanges (DEXes).

The trader warns not to discount cat in a dog’s world (MEW), a new memecoin which he says might go mainstream on Coinbase before Dogwifhat (WIF) – the biggest memecoin on Solana.

“At this rate, MEW looks like it will get a Coinbase listing before WIF

All joking aside, don’t fade the project that comes out of nowhere with a stacked book and an oddly high market cap.“

At time of writing, Solana is trading at $197.71 while MEW is worth $0.00519.

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
Featured Image: Shutterstock/monkographic

The post Trader Says Solana Might Overtake Ethereum, Warns ETH’s Prominence Doesn’t Guarantee Permanent Dominance appeared first on The Daily Hodl.