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Ethereum or Solana? NBA Legend Scottie Pippen Ponders Utility

Ethereum or Solana? NBA Legend Scottie Pippen Ponders Utility

DailyCoinDailyCoin2024/07/23 02:16
By:DailyCoin
  • 6-times NBA Champ Scottie Pippen revives Solana vs. Ethereum duel.
  • The rivalry between SOL and ETH fans expands to BTC, DOGE, and ADA.
  • Ethereum has the upper hand in legislation despite gentler adoption.

Six-time NBA champion Scottie Pippen teased a crypto entrance to his audience on X, sparking a discussion about Ethereum (ETH) and Solana (SOL). As the crypto crowd debated, the iconic small forward of the ’90s Chicago Bulls received nearly 5,000 replies to his query.

Scottie Pippen’s Previous Crypto Woes

As crypto enthusiasts entered the conversation, many allowed themselves to think outside the choice between Ethereum and Solana. For example, attorney D.R. Lewis insisted that BTC is the only choice: “#bitcoin only Scottie!” Dogecoin’s founder Billy Markus, a.k.a Shibetoshi Nakamoto , ironically noted: “dog coin obv.”

dog coin obv

— Shibetoshi Nakamoto (@BillyM2k) July 21, 2024

This raises the question of the motive behind Pippen’s question of better utility. Several other crypto aficionados on X asked why Ethereum was in capital letters while Solana wasn’t. This stylization can reference Pippen’s SP33 NFT collection, originally launched in December 2022.

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Notoriously known for not tipping waiters, Pippen was “humbled” when his inaugural NFT collection sold out in minutes. His digital sneaker set comprised 1,000 unique virtual sneakers with “metaverse-ready” traits shot up to a 0.347 ETH price floor on December 23, 2022, but had since flopped by 96.5%, according to CoinGecko .

Solana vs. Ethereum: An On-Chain Rivalry

A flurry of celebrities have joined the Web3 space in the last couple of months, many of them thanks to Solana. The fastest Layer-1 Blockchain sped up the process of new coin launches, offered significantly lower fees, and adopted blockchain technology in Solana’s signature SAGA phone.

I dunno. Because it doesn’t go down every week?

— Satoadshi (@SatoadshiLite) July 21, 2024

On July 1, 2024, Solana outpaced Ethereum’s daily trading volume on decentralized exchanges (DEXs), signaling a shift in trader behavior on DeFi. With lower fees, traders of higher-risk assets such as meme coins can efficiently make trades of lesser profitability. 

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This is vividly evident in the Solana-led meme coin bonanza in March 2024, which produced a cycle top of $56 billion, even though Solana’s market cap is still over four times less than Ethereum’s Proof of Stake chain.

At $82.8 billion in global market capitalization, Solana sports similar trading volumes on Spot markets to Ethereum’s $5.70 billion daily. Ethereum’s global market capitalization is $414,224,358,908, approximately three times larger than the front-running stablecoin Tether USD (USDT).

However, the NFT market size on Ethereum and Solana is hardly comparable. As of this publication, the ETH NFT market had a value of $7,121,823,770, compared to Solana’s $467M cap.

On the Flipside

  • Despite Solana’s edge in accessibility, Ethereum has advanced much further in crypto legislation.
  • Ethereum exchange-traded funds (ETFs) were approved several months following the Bitcoin ETF approval.

Why This Matters

Popular athletes have entered the crypto space to launch their collections or tokens. Scottie Pippen joins Cristiano Ronaldo, Lionel Messi, Shaquille O’Neal, and multiple others.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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