25 April, 2024



Ethereum’s Challengers: AVAX and SOL Shine, EOS and TRX Dim

28 Sep, 2023

01 Dec, 2023

  • Old coins bear the weight of underwater bagholders and outdated narratives, hindering their resurgence.
  • Newer coins, like AVAX and SOL, are becoming the narratives themselves, outperforming old ‘Ethereum killers.’
  • Ethereum’s dominance faces growing competition, with multiple challengers vying for a crypto market share.

K33 Research’s recent report has shed light on a significant shift in the performance and perceptions surrounding altcoins. The divide between older and newer coins widens as the crypto narrative unfolds. With fresh Ethereum killers like AVAX and SOL making notable strides, it begs whether Ethereum’s longstanding dominance is threatened.

According to K33 Research, older coins that have marked their presence for a while now grapple with inherent challenges. For one, they’re often held by underwater bagholders—investors who bought at higher prices and eagerly await an opportunity to sell, which can exert downward pressure on prices. Another issue is the intricate dynamics of vesting and unlocks, often dampening a token’s price rally. Lastly, as the crypto narrative evolves, these older coins, once seen as revolutionary, sometimes struggle to align themselves with the latest market trends and interests, rendering them less appealing to newer users.

In contrast, the newer coins dance to a different tune. Per K33 Research, they avoid the common trappings of older coins and emerge as captivating stories, drawing market interest almost effortlessly. Their freshness becomes their most significant asset, often relegating older coins to the background. 

However, it’s essential to note that only some new coins promise success. As K33 points out, one must keenly watch for signs like a steady increase in new holder numbers, indicating rising interest. Equally crucial is to be mindful of token dynamics, especially aspects like the release of the full token supply and the presence of token sinks, which prevent scenarios of low float with high Fully Diluted Valuation.

While Ethereum has enjoyed its perch at the top, the influx of multiple ‘Ethereum killers’ signals changing times, platforms like AVAX and SOL, displaying more robust market dynamics than earlier challengers such as EOS and TRX, have begun to chip away at Ethereum’s bedrock. With each of these competitors announcing upgrades intended to boost their allure and the likelihood of newer platforms joining the fray, Ethereum’s once-unquestioned reign is on the clock.

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