Ethereum (ETH), the largest cryptocurrency after the leading cryptocurrency Bitcoin (BTC), has gained many competitors, especially in 2021.
Although these competitors were on the market before, they achieved a serious rise especially in 2021 and became known for using the benefits of the DeFi world to their advantage.
Of course, the most popular of them are Binance Coin, Solana, Cardano and Polkadot. A famous crypto analyst, on the other hand, made a very interesting statement about Solana, underlining that it was pregnant with a sharp decline.
SOL Doesn’t Deserve Its Value
Solana currently has a total market capitalization of $72 billion and is traded at a unit price of $240.
Chris, the analyst and co-founder of Ultrasoundfinance, emphasized that Solana is well above her value. Using the share and value per investor formula used in the traditional financial industry, the analyst emphasized that the current value of Solana is actually equivalent to Ethereum’s rise to $348,000.
The analyst explained what the fair price is for Ethereum in such a situation, noting that SOL is currently worth 3,451 times more than its P/E ratio.
Stating that Solana does not transfer serious value to its investors, the famous name also emphasized that it only benefits from popularity.
Solana, on the other hand, has become one of the most used cryptocurrencies of the last period and continues to break new records constantly. In the meantime, Ethereum started to push $ 5,000.
*Not Investment Advice.