Anthony Pompliano has sold his Ethereum holdings to invest in Solana, citing Solana’s perceived potential to outperform Ethereum.
American entrepreneur and investor Anthony Pompliano says he made a shift in his crypto portfolio, selling his Ethereum holdings to invest in Solana, as reported by Altcoin Daily.
Pompliano, known for his work as the host of The Pomp Podcast, shared the reasoning behind this decision in a recent Youtube podcast, discussing Solana’s potential to outperform Ethereum in the near future.
Anthony Pompliano: “I sold my Ethereum and bought Solana instead.” pic.twitter.com/oUq46FNgCu
— Altcoin Daily (@AltcoinDailyio) June 11, 2024
Anthony Pompliano revealed that he started his crypto journey by mining Ethereum back in 2016. He previously disclosed this during the bear market in November 2022. However, recent developments prompted him to sell his Ethereum holdings in favor of Solana. Pompliano’s decision reflects his confidence in Solana’s future performance.
Ethereum vs. Solana
Meanwhile, recent market data indicates a shift in the profitability and trading volume between Solana and Ethereum. As reported earlier by The Crypto Basic, Solana surpassed Ethereum in profitability for the first time on May 15, 2024.
On-chain analyst Leon Waidmann reported that Solana generated over $2 million in economic value, surpassing Ethereum’s figures following the launch of Ethereum Improvement Proposal (EIP) 4844.
A chart from Blockworks at the time illustrated the economic value trends for Solana and Ethereum from February 14 to May 12, 2024. Ethereum peaked at around $40 million in late February but saw a decline, stabilizing between $10 million and $15 million by April, eventually dropping to just under $2 million by mid-May.
Solana’s Trading Volume
In December 2023, Solana’s trading volume also showed impressive growth due to surging interest. According to Kaiko Researcher Riyad Carey, Solana’s volume on Upbit surpassed Ethereum’s for 55 consecutive days, with similar trends observed on MEXC. Even major exchanges like Kraken and Coinbase Global Inc reported Solana outpacing Ethereum for multiple days.
As of today, Solana trades for $153.00 with a 24-hour trading volume of approximately $2.29 billion, and a market cap of over $70 billion. In comparison, Ethereum is valued at $3,527.78, with a 24-hour trading volume of about $14.2 billion, and a market cap exceeding $423 billion.
