{"id":412813,"date":"2024-08-08T23:30:11","date_gmt":"2024-08-08T18:00:11","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=412813"},"modified":"2024-08-08T17:35:06","modified_gmt":"2024-08-08T12:05:06","slug":"analyst-sounds-alarm-ethereum-is-dying-and-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/analyst-sounds-alarm-ethereum-is-dying-and-heres-why\/","title":{"rendered":"Analyst sounds alarm &#8211; &#8216;Ethereum is dying&#8217; and here\u2019s maybe why"},"content":{"rendered":"<ul>\n<li><em>Ethereum has lost 24% of its value in the past week, underperforming compared to other major cryptocurrencies.<\/em><\/li>\n<li><em>Analyst Duo Nine suggests Ethereum&#8217;s approach to scalability might be diminishing its token&#8217;s value and demand.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Among the top 10 largest cryptos by market cap, <a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum [ETH]<\/a> was the worst performer at press time, with the asset losing approximately 24% from its value over the past week compared to its counterparts. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This decline has even extended to the asset\u2019s past day performance which showed a drop of 3.9%.<\/span><\/p>\n<h2><strong>Analyzing Ethereum&#8217;s decline<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Duo Nine, a respected figure in the cryptocurrency analysis sphere, has raised alarms about Ethereum&#8217;s current trajectory, <\/span><a href=\"https:\/\/x.com\/DU09BTC\/status\/1821433716335616476\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggesting<\/span><\/a><span style=\"font-weight: 400;\"> that the platform could be &#8220;slowly dying.&#8221; <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Duo Nine, Ethereum&#8217;s underperformance, especially when compared to Bitcoin and Solana, raises critical questions about its future viability.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;When both Bitcoin and Solana outperform Ethereum, you got to ask yourself some serious questions,&#8221; Duo Nine commented, pointing to a disconcerting trend among <\/span><a href=\"https:\/\/ambcrypto.com\/ethereum-update-vitalik-buterin-backs-new-block-transaction-proposals\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum maximalists<\/span><\/a><span style=\"font-weight: 400;\"> and developers who appear to be losing faith in the asset&#8217;s potential.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The analyst attributes part of Ethereum\u2019s struggles to what he terms the &#8220;XLM curse&#8221;\u2014a situation where the efficiency and cost-effectiveness of a network do not translate into increased token value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He explained,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\">&#8220;If your network is fast &amp; cheap, there is no reason for your token to pump,&#8221;\u00a0<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">The introduction of Layer 2 solutions like Arbitrum has drastically reduced transaction costs, which, while beneficial from a technical standpoint, might not bode well for ETH&#8217;s market price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> The reduced need for ETH as a gas token could diminish its relevance and value.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, Duo Nine criticizes Ethereum\u2019s economic model, which now sees an inflationary token supply, purportedly to cover operational costs not met by transaction fees alone.\u00a0<\/span><\/p>\n<figure id=\"attachment_412821\" aria-describedby=\"caption-attachment-412821\" style=\"width: 1215px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43.png\"><img decoding=\"async\" class=\"wp-image-412821 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43.png\" alt=\"Source: Duo Nine on X\" width=\"1215\" height=\"1373\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43.png 1215w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43-265x300.png 265w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43-906x1024.png 906w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43-768x868.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.00.43-1200x1356.png 1200w\" sizes=\"(max-width: 1215px) 100vw, 1215px\" \/><\/a><figcaption id=\"caption-attachment-412821\" class=\"wp-caption-text\">Source: Duo Nine on X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This, he argues, adds downward pressure on ETH&#8217;s price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">&#8220;Demand for ETH is so low that they have to literally print tokens from thin air again,&#8221; he states, pointing to a positive inflation rate as a bearish signal for the asset. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added,<\/span><\/p>\n<blockquote><p>&#8220;Why is this happening? Because Vitalik decided to scale ETH via L2s and made it extremely cheap in terms of fees. But there is a problem. You see, ETH is like oil, and now everyone is moving to an electric car. What&#8217;s the point of Ethereum then? As a network it will do just fine and thrive, but if they scale away from ETH as a gas token, its price will crash.&#8221;<\/p><\/blockquote>\n<p>The competitive pressure from Solana and numerous other altcoins further complicates Ethereum&#8217;s position.<\/p>\n<p>The expert questions whether the massive reduction in fees was a strategic error, as maintaining demand sufficient to support the reduced fees is challenging and could ultimately place downward pressure on Ethereum&#8217;s price.<\/p>\n<h2><strong>What does fundamentals suggest?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In the broader market, Ethereum&#8217;s metrics provide a mixed picture.<\/span><\/p>\n<figure id=\"attachment_412819\" aria-describedby=\"caption-attachment-412819\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1.png\"><img decoding=\"async\" class=\"wp-image-412819 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1.png\" alt=\"Ethereum number of active addresses\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-1-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-412819\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\"> The number of active addresses has <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;m=addresses.ActiveCount\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fluctuated<\/span><\/a><span style=\"font-weight: 400;\"> significantly. After seeing a surge to more than 455k addresses late last month, it experienced a higher surge to 467k on 3rd August, but it has now retraced down to 429k marking a slight increase from the 400k seen on 5th August. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Such volatility in user engagement suggests that while the network remains active, user confidence could be waning.<\/span><\/p>\n<figure id=\"attachment_412820\" aria-describedby=\"caption-attachment-412820\" style=\"width: 2922px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-412820 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26.png\" alt=\"Ethereum open interest\" width=\"2922\" height=\"807\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-300x83.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-1024x283.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-768x212.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-1536x424.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-2048x566.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-08-at-10.22.26-1200x331.png 1200w\" sizes=\"(max-width: 2922px) 100vw, 2922px\" \/><figcaption id=\"caption-attachment-412820\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum\u2019s [ETH] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">On the financial side, Ethereum&#8217;s open interest, which represents the total outstanding derivative contracts, like futures and options that have not been settled, fell by 3.60% in just one day. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, the open interest volume, <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">indicating<\/span><\/a><span style=\"font-weight: 400;\"> the total value of these contracts, saw a rise of 3.96%, suggesting a complex interplay of investment behaviors.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u2018Ethereum is slowly dying\u2019 says an expert amid the declining performance of ETH.<\/p>\n","protected":false},"author":89,"featured_media":412841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,4,20],"tags":[],"class_list":["post-412813","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>&#039;Ethereum (ETH) is Dying,&#039; Says Expert\u2014Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"\u2018Ethereum is slowly dying\u2019 says an expert in the cryptocurrency space amid the declining performance of ETH.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" 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