ETH/BTC exchange rate falls below 0.046, hitting a new low since April 2021

Since Ethereum's DeFi and NFT ecosystem set sail in 2020, it has been a hot spot in the market. However, in the past six months, this heat has been snatched away by the Solana ecosystem. What is the appeal of Solana? In addition to meme coins, it is still meme coins.

The root of the secondary market lies in the wealth effect. The price of Ethereum at the time of ICO in 2014 was 30 cents, and today's price is $3,000, achieving a 10,000-fold return rate in 10 years, and anyone in the world can participate. In contrast, Solana's issuance price in 2020 was $0.22, and the highest price exceeded $250, which means a return rate of more than 1,000 times. Today, most of the altcoins issued based on Ethereum, including L2 and its surrounding ecological tokens (such as OP, ARB, STRK, LDO, etc.), have a market value dilution of even more than $20 billion when they go online. The peak is when they go online, and retail investors have almost no room to participate. Entering the market is like being harvested like leeks.

On the other hand, meme coins basically start from scratch. Although the risk is huge, once successful, the increase can reach 100 times, 1,000 times or even 10,000 times. The chips are basically fully circulated, which has a great wealth effect.