Analysts predicted that Ethereum could be at risk after a slew of cryptos hit the market, challenging its position. The cryptos were named “Ethereum Killer(s),” in line with the phrase “Dogecoin Killer”. The new cryptos convinced investors that Ethereum competitors could deliver the desired profits in the long run. The top 3 cryptos that have been unanimously awarded the title of “Ethereum killers” are Solana, PolkaDot, and Kadena.
While Ethereum now hovers above $1,000 and plunged 79% from its all-time high, its competitors Solana, PolkaDot and Kadena are also underwater.
Let’s see how the ‘Ethereum killers’ fare during this current and ongoing crypto winter.
Also Read: Ethereum’s Next Stop Could Be $600, Analyst Predicts
1. Solana: An ‘Ethereum Killer’
Solana (SOL) was the talk of the town after hitting a record high of $259 in November last year. SOL was one of the most sought after cryptos in 2021 as it brought good profits in a short period of time. It peaked a whopping +20.422% since its all-time low of $0.5 in May 2020. Its massive growth from $0.5 to $259 happened in 18 months. Early investors sat on profit sacks and told different stories about “how they made it in the crypto sphere.”
Fast-forward to today, Solana is battered in the indices, losing much of the profits it generated last year. From an ATH of $259 8 months ago, it is now trading at $31. Once considered the ‘Ethereum killer’, SOL is down 87.7% from its ATH. There was no way Solana could catch up with Ethereum, and the crypto winter could diminish all prospects of a challenge for ETH.
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2. Polka Dot
PolkaDot has its own ‘interoperability’ with an infrastructure that connects several blockchains in one network. The blockchains are capable of exchanging data from one network to another without compromising safety and security measures. While PlokaDot has bridged the gap and provided solutions to Ethereum’s shortcomings, DOT is still unable to challenge ETH.
PolkaDot is falling in the indices and has hit $6 off its ATH of $55. The development shows that the ‘Ethereum killer’ cannot live up to its name and cannot beat its rival in terms of price and year-over-year profit.
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3. Kadena
Kadena has been called an underdog working his way up in the crypto market that could challenge Ethereum in the long run. The layer-2 blockchain, which runs on Kuro, supports 8,000 transactions per second, and KDA is faster than its rival Ethereum, which runs less than 20 TPS, and Solana, which runs 2,000 TPS. Kadena stood out as a challenger to Ethereum, and investors poured the money into it, jumping it to $27.
KDA, which traded at $5 in October last year, reached its ATH of $27 in 30 days in November 2021. The run was phenomenal and KDA was touted as the ‘next big thing’ in the market.
However, even Kadena failed to live up to her ‘Ethereum killer’ name and is now trading at $1.51. It is down 94.5% from its ATH and is struggling to regain its former glory.
The crypto winter is harsh and top coins are falling to their knees. We’ll have to wait and see if the ‘Ethereum killers’ can make a comeback during the next bull run and live up to their name.