Arthur Hayes, the enigmatic co-founder of BitMEX, raised eyebrows when he announced a shakeup of his portfolio.
What Happened: Hayes, a self-proclaimed crypto oracle, declared that he had dumped Solana SOL/USD — which he referred to as that "Sam coin POS." Instead, he's embracing the "Archangel Vitalik," referring to Ethereum's ETH/USD co-founder Vitalik Buterin.
A bold prediction accompanied this pronouncement: Ethereum will hit $5,000.
Why It Matters: Hayes' move is a noteworthy one, considering his previous enthusiasm for Solana.
Just over a month ago, he bought SOL at its local top, citing Solana's scalability and ongoing development efforts.
This latest tweet, however, suggests a change of heart.
While the true cause of Hayes' conversion remains ambiguous, his message resonates with a wider trend within the crypto community.
Ethereum, long considered the DeFi and non-fungible token (NFT) powerhouse, has seen renewed interest.
- Its test network Dencun fork time is tentatively set at 6:32:00 UTC on Jan. 17, 2024 for Goerli,
- 22:51:12 UTC on Jan. 30 for Sepolia,
- and 11:34:24 UTC on Feb. 7 for Holesky.
Then, the Ethereum mainnet will be officially forked and upgraded.
Solana's network encountered outages this year, raising concerns about its stability.
Additionally, some argue that Solana's memecoin culture, with projects like Bonk BONK/USD and Samoyed Coin (CRYPTO: SAMO) commanding significant attention, detracts from its focus on serious development.
While its vibrant memecoin ecosystem continues to churn out Dogecoin DOGE/USD inspired pups and canine-themed DAOs, Ethereum could be poised for a comeback fueled by upgrades, smart contracts and renewed developer interest.
Image: Pixabay
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