The post ‘Avoid Ethereum (ETH) At All Costs’ Says Bitcoin Advocate appeared on BitcoinEthereumNews.com.

Bitcoin supporter Fred Krueger has recently voiced concerns about Ethereum’s (ETH) fundamental trends and potential regulatory hurdles. Krueger’s remarks, shared in a post on X, underscored notable statistics regarding Ethereum’s network activity and transactional utility. Ethereum’s Declining Utility Raises Alarms Krueger’s critique highlighted Ethereum’s soaring price, especially its recently achieved two-year peak juxtaposed with declining network usage. Despite ETH reaching $3,000, Krueger noted a significant drop in Daily Active Users (DAUs) from 120,000 in 2021 to just 66,000 in the past year. The Bitcoin Maxi also highlighted the decline in user activity on the blockchain’s “top app,” Uniswap V3, Ethereum’s leading decentralized exchange protocol, highlighting it as a notable concern. Ethereum (ETH) historical activity Krueger noted: The top app, Uniswap V3 is only getting 16K DAUs. I remember, back in 2020 this number was 60K or more. It’s definitely the case the ETH as a chain is no longer used directly. Krueger also starkly compared Ethereum’s current status and a “meme coin,” citing similarities to assets like Shiba Inu (SHIB). ETH price is moving sideways on the 2-hour chart. Source: ETH/USDT on TradingView.com Despite Ethereum’s price performance, Krueger highlighted a perceived erosion in its utility, especially when contrasted with alternative blockchain networks such as Solana, Avalanche, and Near. The Bitcoin Maxi continued, noting: Of course, that doesn’t stop investors from bidding it up to a $361 Billion dollar market cap. It really has become a type of meme coin, similar to Shiba Inu. It’s not particularily cheap ($1.50 per transaction), or fast. If you are just interested in reward points for games, or casino-style DeFi apps — Solana, Avalanche, Near etc.. all crush it. Regulatory Uncertainty And Community Reaction Krueger’s critique extended beyond Ethereum’s utility to its regulatory outlook. He expressed doubts about the possibility of a spot Ethereum Exchange-Traded…

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Filed under: News - @ February 22, 2024 9:18 am