Analysts predicted Ethereum could be in danger after a series of cryptos emerged in the market, challenging its position. The cryptos gained the name ‘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 unanimously gained the title ‘Ethereum killers’ are Solana, PolkaDot, and Kadena.
While Ethereum is now hovering over the $1,000 mark and plummeted 79% from its all-time high, its competitors Solana, PolkaDot, and Kadena are underwater too.
Let’s look at how the ‘Ethereum killers‘ are faring during this current and ongoing crypto winter.
Also Read: Ethereum’s Next Stop Could Be $600, Predicts Analyst
1. Solana: An ‘Ethereum Killer’
Solana (SOL) was the talk of the town after reaching an all-time high of $259 in November last year. SOL was among the most sought-after cryptos in 2021 as it delivered good profits in a short time. It spiked a staggering +20,422% since its all-time low of $0.5 in May 2020. Its humongous growth from $0.5 to $259 happened in 18 months. Early investors sat on sacks of profits, telling others stories about ‘how they made it in the crypto sphere.
Fast-forward to today, Solana is battered in the indices and shed a large portion 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. Solana could not overtake Ethereum in any way, and the crypto winter could diminish all prospects of it challenging ETH.
Also Read: Elon Musk & Cryptos: Which Cryptocurrencies Does Elon Musk Own?
2. PolkaDot
PolkaDot has its own ‘interoperability’ boasting of an infrastructure connecting several blockchains into one network. The blockchains are enabled to exchange data from one network to the other without compromising safety and security measures. Though PlokaDot bridged the gap and provided solutions to Ethereum’s shortcomings, DOT can still not challenge ETH.
PolkaDot is declining in the indices and has reached $6 from its ATH of $55. The development shows that the ‘Ethereum killer’ cannot live up to its name and beat its rival in terms of price and year-on-year profits.
Also Read: ‘Influencers talk About Cryptos without Understanding it’: Advertising Council
3. Kadena
Kadena was called an underdog working its 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 for Ethereum, and investors poured in the money, making it jump to $27.
KDA, trading at $5 in October last year, reached its ATH of $27 in 30 days in November 2021. Its run was phenomenal, and KDA was touted as the ‘next big thing’ in the market.
However, even Kadena failed to live up to its name of ‘Ethereum killer’ and is now trading at $1.51. It is down 94.5% from its ATH and is struggling to claw back to its previous glory.
The crypto winter is harsh, and top coins are down to their knees. We will have to wait and watch if the ‘Ethereum killers’ can have a comeback during the next bull run and live up to its name.