- Altcoin Buzz analyst argues Ethereum faces dominance threat from Solana and SUI.
- Solana’s growth and upcoming upgrade position it as a notable competitor.
- Sui’s ecosystem continues to expand, marked by a 16% increase in token value and the SUI Trust by Grayscale.
Ethereum’s dominance is being challenged by rising altcoins like Solana and Sui, according to a recent analysis by Altcoin Buzz. While Ethereum remains a major player in the blockchain space, other chains such as Solana (SOL) and Sui (SUI) are highlighted as strong competitors that are steadily gaining ground.
Solana’s Development and Recovery
The analyst pointed out that Solana has made a strong comeback since its low point of $8 in December 2022, with the price now hovering around $134. Similarly, the Solana network has overcome previous technical challenges, with fewer network halts recorded in recent times.
The upcoming “Firedancer” upgrade, which aims to increase decentralization, could further boost Solana’s position. Additionally, the ecosystem’s strength in meme coins and NFTs, with a combined meme coin market cap of $2.1 billion, adds to its appeal.
Sui’s Growing Ecosystem
Sui is another Ethereum competitor that the analyst found has gained traction. The month of September saw significant activity, including a 16% increase in the Sui token’s value.
A key development that contributed to noteworthy growth in the ecosystem was the launch of SuiPlay0x1, a handheld gaming console with Web3 capabilities, garnering over 1,500 pre-orders during Korean Blockchain Week.
Another development that impacted SUI’s token growth this month is Grayscale’s launch of the SUI trust for accredited individual and institutional investors, opening up more access to the token.
The analyst also highlighted OriChain as yet another strong Ethereum competitor, noting its use of AI in DeFi, offering a DEX for cross-network transactions, and supporting various tokens, including Bitcoin and Ethereum.
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