{"id":576245,"date":"2024-02-21T22:00:05","date_gmt":"2024-02-21T22:00:05","guid":{"rendered":"https:\/\/ktsl888.com\/?p=576245"},"modified":"2024-02-21T16:59:34","modified_gmt":"2024-02-21T16:59:34","slug":"is-ethereum-overvalued-similar-to-meme-coins-like-shiba-inu","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/is-ethereum-overvalued-similar-to-meme-coins-like-shiba-inu\/","title":{"rendered":"Is Ethereum Overvalued, Similar &#8216;To Meme Coins Like Shiba Inu&#8217;?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">A crypto investor, Fred Krueger, thinks Ethereum is overvalued at spot rates. Referring to X, Krueger <\/span><span data-preserver-spaces=\"true\"><a href=\"https:\/\/twitter.com\/dotkrueger\/status\/15428599\" target=\"_blank\" rel=\"noopener nofollow\">added<\/a> that\u00a0<\/span><span data-preserver-spaces=\"true\"> Ethereum supporters are &#8220;detached from reality&#8221; after ETH, the native currency, recently broke above $3,000. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The investor pointed to the general declining on-chain activity, fierce competition from alternatives like Solana and Avalanche, for instance, and regulatory uncertainty that makes holding the coin risky.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Ethereum Is Slow And Usage Is Shrinking<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Krueger argues that Ethereum&#8217;s on-chain transactions could be faster and cheaper. In the current landscape marked with scalable and low-fee alternatives, either built on Ethereum or existing as independent chains, the chain&#8217;s challenges no longer justify ETH trading at spot rates of about $3,000.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/altcoin\/avax-slips-adding-tension-to-365-million-avalanche-token-unlock-drama\/\" target=\"_blank\" rel=\"noopener \">AVAX Slips, Adding Tension To $365 Million Avalanche Token Unlock Drama<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">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.\u00a0<\/span><\/p>\n<figure id=\"attachment_576246\" aria-describedby=\"caption-attachment-576246\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-576246\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?resize=1024%2C636\" alt=\"Ethereum DAU falling | Source: Fred Krueger on X\" width=\"1024\" height=\"636\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=1594 1594w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/02\/GG1J_U_bIAAwCOx.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-576246\" class=\"wp-caption-text\">Ethereum DAU falling | Source: Fred Krueger on X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">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. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">To illustrate, <a href=\"https:\/\/ktsl888.com\/news\/defi\/defillama-releases-special-uniswap-v3-router-for-optimism\/\" target=\"_blank\" rel=\"noopener \">Uniswap V3<\/a>, the third version of one of Ethereum&#8217;s largest decentralized exchanges, Uniswap, now records around 16,000 daily active users, significantly lower than previous years.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Alternatives Like Solana Offer Better: Is ETH Expensive?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The investor argues that the decline in DAUs, pointing to active usage, sharply contrasts with Ethereum&#8217;s rising market capitalization and spot rates. In Krueger&#8217;s opinion, this emerging state of affairs is why Ethereum has become a bloated &#8220;meme coin like Shiba Inu,&#8221; looking at its high market cap. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It in the investor&#8217;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.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/bitcoin-fomo-spiked-green-signal-rally\/\" target=\"_blank\" rel=\"noopener \">Bitcoin FOMO Hasn\u2019t Spiked Yet: Green Signal For Rally To Continue?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Krueger also took issue with the lack of regulatory clarity on Ethereum. The United States Securities and Exchange Commission (SEC) recently approved the first spot Bitcoin exchange-traded funds (ETF) batch. Primarily, this is because SEC officials recognize Bitcoin as a commodity. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Gary Gensler and the SEC have failed to classify ETH in the same category as BTC. Accordingly, though the broader crypto community is optimistic about the eventual authorization of a spot Ethereum ETF, Krueger thinks it is unlikely.<\/span><\/p>\n<figure style=\"width: 1233px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/WdH3XTUw\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/WdH3XTUw\/\" alt=\"Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView\" width=\"1233\" height=\"592\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/WdH3XTUw\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Still, time will only tell how Ethereum and its market valuation will evolve in the coming months. Supporters are optimistic, despite criticism, that rising adoption and ETH&#8217;s deflationary nature will lift prices towards 2021 highs of $5,000.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A crypto investor, Fred Krueger, thinks Ethereum is overvalued at spot rates. Referring to X, Krueger added that\u00a0 Ethereum supporters are &#8220;detached from reality&#8221; after ETH, the native currency, recently broke above $3,000. The investor pointed to the general declining on-chain activity, fierce competition from alternatives like Solana and Avalanche, for instance, and regulatory uncertainty that makes holding the coin risky. Ethereum Is Slow And Usage Is Shrinking Krueger argues that Ethereum&#8217;s on-chain transactions could be faster and cheaper. In the current landscape marked with scalable and low-fee alternatives, either built on Ethereum or existing as independent chains, the chain&#8217;s challenges no longer justify ETH trading at spot rates of about $3,000.\u00a0 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.\u00a0 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. To illustrate, Uniswap V3, the third version of one of Ethereum&#8217;s largest decentralized exchanges, Uniswap, now records around 16,000 daily active users, significantly lower than previous years. Alternatives Like Solana Offer Better: Is ETH Expensive? The investor argues that the decline in DAUs, pointing to active usage, sharply contrasts with Ethereum&#8217;s rising market capitalization and spot rates. In Krueger&#8217;s opinion, this emerging state of affairs is why Ethereum has become a bloated &#8220;meme coin like Shiba Inu,&#8221; looking at its high market cap. It in the investor&#8217;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.\u00a0 Related Reading: Bitcoin FOMO Hasn\u2019t Spiked Yet: Green Signal For Rally To Continue? Krueger also took issue with the lack of regulatory clarity on Ethereum. The United States Securities and Exchange Commission (SEC) recently approved the first spot Bitcoin exchange-traded funds (ETF) batch. Primarily, this is because SEC officials recognize Bitcoin as a commodity. Gary Gensler and the SEC have failed to classify ETH in the same category as BTC. Accordingly, though the broader crypto community is optimistic about the eventual authorization of a spot Ethereum ETF, Krueger thinks it is unlikely. Still, time will only tell how Ethereum and its market valuation will evolve in the coming months. Supporters are optimistic, despite criticism, that rising adoption and ETH&#8217;s deflationary nature will lift prices towards 2021 highs of $5,000. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":574000,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,679,8323,1946,6931,78803,3799,83667,12837,83626,85361,89583],"class_list":["post-576245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-price","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-sec","tag-shiba-inu","tag-sol","tag-solana","tag-solana-price","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\n<title>Is Ethereum Overvalued, Similar &#039;To Meme Coins Like Shiba Inu&#039;?<\/title>\n<meta name=\"description\" content=\"Fred Krueger, a crypto investor, thinks Ethereum is overvalued at spot rates. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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