By Kapil Rajyaguru
Ethereum, once seen as the ultimate challenger to Bitcoin, is struggling to keep pace with its older, more established rival. Despite Ethereum hosting the second most valuable token, Ether, its price has lagged behind Bitcoin’s dramatic 160% surge over the past year—rising just 40%.
However, the Ethereum Foundation and its founder, Vitalik Buterin, aren’t backing down. They’ve thrown their support behind a new venture called Etherealize, founded by former bond trader Vivek Raman, which aims to market Ethereum as the go-to cryptocurrency for Wall Street.
Etherealize, based in New York, is developing tools that will make Ethereum more appealing to financial institutions, promoting its network as the most reliable and well-tested blockchain for tokenizing traditional financial products. Raman’s belief? Now is the perfect time to capitalize on Ethereum’s growing regulatory clarity and technical readiness.
But despite these efforts, Ethereum faces stiff competition from Bitcoin, which is increasingly seen as a “digital gold” following high-profile backing from figures like newly elected U.S. President Donald Trump, and the rise of memecoins that have stolen attention from serious blockchain applications.
However, Trump’s crypto involvement adds an intriguing twist to the narrative. His backed crypto project, World Liberty Financial (WLFI), boasts the largest Ethereum (ETH) holdings among its assets—56,969 ETH valued at a hefty $184 million, accounting for 57% of WLFI’s portfolio.
Despite this strong Ethereum backing, the Trump family chose to launch their $TRUMP and $MELANIA memecoins on Solana, a blockchain that has evolved rapidly and is seen as a faster, more adaptable alternative to Ethereum. Meanwhile, Ethereum’s market share in the world of meme projects has dwindled, and its once-dominant position has been challenged.
Critics of Buterin’s leadership, including blockchain entrepreneur Justin Sun, argue that Ethereum’s stagnation is due to the Foundation’s failure to capitalize on its first-mover advantage. Sun has proposed aggressive measures—such as halting ETH sales for three years, taxing Layer 2 projects, and ramping up the burning of ETH—promising to push Ether’s value to $10,000.
Amidst these strategic shifts, Ethereum remains a titan in one key area: revenue. In 2024, it earned a staggering $2.48 billion in fees, leading all blockchains, including Bitcoin and Tron. This revenue growth suggests that Ethereum’s underlying technology still holds immense value, even as its token struggles.
The big question now: Can Ethereum regain its former glory and prove that it’s more than just a stepping stone in the crypto world? Time will tell.
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