Anthony Pompliano, a well-known American entrepreneur and investor, has made a significant shift in his cryptocurrency portfolio. He recently sold his Ethereum holdings and invested in Solana, citing Solana’s potential to outperform Ethereum in the near future.
Pompliano, who is renowned for hosting The Pomp Podcast, discussed his decision in a Youtube podcast. He revealed that he had started his crypto journey by mining Ethereum back in 2016 but decided to sell his holdings and switch to Solana due to recent developments and his confidence in its future performance.
This move by Pompliano comes as market data shows a shift in profitability and trading volume between Solana and Ethereum. In May 2024, Solana surpassed Ethereum in profitability for the first time, generating over $2 million in economic value. Ethereum, on the other hand, saw a decline in economic value, dropping to just under $2 million by mid-May.
Furthermore, Solana’s trading volume has also exhibited impressive growth. In December 2023, Solana’s volume on various exchanges, including Upbit, Kraken, and Coinbase Global Inc, surpassed Ethereum’s for multiple days. Currently, Solana’s price stands at $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.
Pompliano’s decision to sell his Ethereum holdings and invest in Solana showcases his belief in the latter’s potential to outperform Ethereum. As the crypto market continues to evolve, investors and enthusiasts will be closely watching the performance of Solana and Ethereum.