Solana co-founder Anatoly Yakovenko has opined that Ethereum (ETH) will not necessarily be able to replicate the success of XRP.
“Just because something irrational happens in the world, it doesn’t imply that it will also happen to you, or you can make it happen,” he said in a social media post on X.
This comes after Omid Malekan, an adjunct professor at Columbia Business School, stirred up a debate about cryptocurrency valuation. He opined that it was “maddening” how Ethereum’s abysmal performance often gets attributed to falling fundamentals without addressing sentiment-driven cryptocurrencies like XRP.
Malekan pointed to the fact that XRP’s fully diluted valuation (FDV) is now ahead of that of Ethereum (ETH) despite the fact that a “corporation owns half of its supply.”
He has suggested that this could be due to the fact that the market remains “immature,” which is why price action is still driven by “narratives” and “vibes” instead of actual fundamentals.
Yakovenko, however, has noted that those who cannot model why XRP or other sentiment-driven cryptocurrencies actually have value cannot compete with them.
“If you can’t model why XRP or BTC have value, you can’t engineer it, and therefore you can’t compete with it,” he added.
XRP’s playbook is “very unlikely to work” with Ethereum, the Solana co-founder opined.
Meanwhile, Jon Charbonneau, co-founder of the crypto investment industry DBA, has rejected the idea that Ethereum does not need fundamentals. “Unique outliers do not mean that these rules apply to everyone,” he said.
