According to former Ethereum (ETH) and Bitcoin (BTC) miner, Chandler Guo, the price of ETH and the forked ETHW will be the same in the future. In Guo’s opinion, ETHW is currently trading very cheaply and has the potential for 100x growth.
Guo spoke to Bitcoin.com and shared his thoughts on the new forked Ethereum token. Still, the former miner admits that there is still a lot to catch up on.
Guo stated,
“Currently, the ETH price is high because there are many developers and more than 200 different projects running on top of the Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on the ETHW.”
To further support his argument, Guo emphasized that the forked blockchain launched two new DEX (decentralized exchange), two NFT (non-fungible token) exchanges, and two bridges within four days. He added that he expects more than 100 projects to be running on the ETHW network within a year. In addition, the daily transaction volume of the new chain has increased since the merger.
Guo says,
“ETHW’s trading volume is huge. Today it is almost a billion dollars. (as of today)]ETHW (is) supported by more than 20 mining pools and 2000 miners from around the world. More than 30 exchanges have listed ETHW.”
Guo also spoke about the other chain created after the merger, Ethereumfair (ETF). He said,
“I know another team has forked ETH, but no one is mining there, no one mentions their token. Just a few exchanges and mining pools. It (the success of a fork) all depends on who forked the ETH. I didn’t fork this so I could take advantage of this. But others commute for their own good or benefit. That’s why it makes them rich – I don’t.”
Will Ethereum and ETHW Really Be Equal?
Now, Guo’s opinion may have some truth to it, but to say that both tokens would be priced equally might not come out as he expects.
First, Ethereum already has many projects running on top of it. The project is immensely popular among developers. To match ETH’s network, ETHW should show gradual growth. By then, however, ETH may simply continue to walk further up the curve.
Second, ETH now uses 99% less energy than before. This is an important point as the world is currently going through an energy crisis. In addition, the world is becoming increasingly aware of the environment and energy consumption. As energy costs rise, miners’ profitability will subsequently decline. This can have consequences for the miners of the ETHW chain. In addition, users may not want to use a product that consumes more energy than a product that is less.
However, Guo argued against the energy problem, saying that many miners prefer “abandoned energy”. Abandoned energy, he said, is unused natural gas or hydropower.
Nevertheless, it is too early to say whether both tokens will actually be equal in the future. Only time will tell how things actually turn out.
At press time, Ethereum trade at $1,341.21, up 5.1% in the past 24 hours. Meanwhile, ETHW trade at $6.20, up 4.9% in the past 24 hours.