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SOL hitting new highs, surpassing Ethereum? Larry Cermak, who held SOL since the beginning of the year, says it's difficult.

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SOL hitting new highs, surpassing Ethereum? Larry Cermak, who held SOL since the beginning of the year, says it

Solana's recent unstoppable surge perfectly embodies the stock market adage "previous highs are meant to be broken." To the community, this appears to be the birth of another Ethereum killer, but according to research director Larry Cermak from a foreign media outlet, he holds a different view. He believes that Solana will have a hard time surpassing Ethereum, just as Ethereum will struggle to overtake Bitcoin.

Solana Hits New Highs

Solana has surged by 335% since August, reaching $143 before the deadline, surpassing its previous high of $130.11 on 8/31.

SOL/USDT 4-hour chart

Can Solana Surpass Ethereum?

Solana's sharp rise once again showcases its potential as an "Ethereum killer," sparking a surge in community discussions. Kyle Samani, co-founder of Multicoin Capital, reminded Larry Cermak of their initial bet, believing in his own higher chances of winning. Their bets include:

  • Ethereum surpassing Bitcoin by the end of 2021
  • Solana surpassing Ethereum by the end of 2022

Kyle Samani believes both scenarios will come true, while Larry Cermak holds the opposing view. The current community poll results are as follows:

  • 49.1%: Larry Cermak wins, neither scenario occurs
  • 40.2%: Kyle Samani wins one of the two
  • 10.7%: Kyle Samani wins, both scenarios happen

Larry: I'm a Bit Shaken

Larry responded to Kyle Samani saying:

Since we made the bet, I've become a bit uncertain, but still quite confident. I believe the power of memes ingrained in people's minds is far stronger than what everyone perceives. If a flip does happen, it will take several years. Let's wait and see!

Larry's Stance

While Larry believes that Bitcoin and Ethereum will remain the top two cryptocurrencies in the future, he actually held AVAX and SOL, which surged recently, since early this year or even earlier, as disclosed by all employees of The Block.

He believes the future will be a multi-chain ecosystem, and it is a great way to rationally bet on different projects based on the underlying scalability of each public chain. Different public chain projects will also be suitable for different applications in the future.

At the same time, Larry mentioned that the current Ethereum enthusiasts' rejection and skepticism towards other public chains remind him of the attitude of Bitcoin enthusiasts towards the rise of Ethereum in the past.

Overall, while not expecting Ethereum and Bitcoin to be surpassed, Larry is not averse to the emergence of various public chains and can even be considered optimistic about it.