By Nermeen Nabil 
Is Ethereum dying a slow death? Ethereum is currently in the spotlight for all the wrong reasons. I can see a serious outflow of $ETH to other ecosystems. And that’s only one of the issues at hand. Did you see my recent videos on Ethereum? About the $ETH spot ETFs and about selling your $ETH for $SOL? If not, check the links, so you can catch up.
So, for a long time, there’s been talk of Ethereum killers. However, to me, it doesn’t look like there will be that ONE Ethereum killer. It’s more a case of various chains chipping away at Ethereum’s first mover position. Hence, here are three altcoins that are serious Ethereum competitors.
Solana ($SOL)
It shouldn’t come as a surprise that Solana ($SOL) is one of the altcoins I picked. At Altcoin Buzz, we’re long-standing fans of Solana. It’s also my all-time favorite comeback kid. As you may remember, in December 2022, $SOL hit an $8 price. Ever since, it has worked its way up to $202.
Yes, I hear you, $SOL is currently not anywhere near that $200 range. However, it’s still holding strong at around $130. With an imminent bull run leg coming up, it looks to me that $SOL can reach a new ATH. I would like to see where the $SOL price is in 6 to 9 months.
So, why is Solana my pick? Well, despite their Solana spot ETF hick up, there’s a lot going on. Let’s start with an old Solana pain point. Their chain halting or uptime. Since November 2022 the chain halted twice. In February 2023 and in February 2024. Their devs sure have found a solution.
Solana also has the Firedancer upgrade coming. This makes the chain more decentralized. For example, Solana’s Nakamoto Coefficient is currently 18. The higher this number is, the more decentralized a chain is. For instance, Ethereum scores only 2 on this coefficient. The Firedancer upgrade should push this number up even more.
Source: Nakaflow
There’s also a lively memecoin and NFT scene on Solana. $BONK was at the cradle of this in December 2022. The combined Solana memecoin market cap is around $6 billion. NFTs are also still going strong on Solana. They are still alive and kicking.
Sui ($SUI)
So, it’s time to move on to another serious Ethereum competitor, Sui ($SUI). This month is also Suitember, in case you missed that.
The $SUI token already had a nice run this month. At one point, it almost took the $1 price tag back. It was up to 98 cents. Currently, it’s at $1.01.
The whole Sui ecosystem seems to be on fire. First, we saw the start of the SuiPlay0x1 preorder list. This was during the Korean Blockchain Week in early September. Within 36 hours, over 1,500 devices were presold. That’s a record for Web3 devices and their presales. The SuiPlay handheld device will launch in 2025. The Suiplay should revolutionize the blockchain gaming sector.
There are also plenty of potential airdrops happening during Suitember. Sui’s DeepBook and SuiNS (Sui Name Service) should launch their tokens this month. Each protocol already had an airdrop earlier this year. Now you can convert the soul bound NFTs into their tokens. Suilend and a few others are also likely to airdrop their tokens this month.
Source: Sui Wallet
There are strong rumors that a native version of $USDC will launch soon on Sui. That will make bridging $USDC to Sui obsolete. This would be a great move for Sui.
Memes on Sui are doing strong. The Sui OG memecoin, $FUD, lost some steam recently. However, $BLUB and $LIQ are on full steam ahead. The Sui NFT scene is also going strong. Prime Machin is the current blue chip. So, plenty of action going on at Sui. The good news is that Suitember is not over yet!
What happens when Circle launches native #USDC on @SuiNetwork?
Many users hesitate to bridge USDC or USDT from #ETH to #Sui due to high gas fees and slow speeds.
Native USDC eliminates the need for cross-chain transactions or wrapped tokens like wUSD. This means fewer fees,… pic.twitter.com/SELJ3oFM61
— Edle (@0xEdle) September 10, 2024
Oraichain ($ORAI)
Oraichain ($ORAI) is an AI-powered oracle and next on my list of today’s altcoins. The protocol is part of the Cosmos ecosystem. Oraichain itself also has an extensive ecosystem as well. This contains, for example,
OraiDEX — This is a swap and IBC bridge between EVM and IBC. It also has its own $ORIAX token.
OWallet — There’s a mobile and Chrome extension version of this wallet. It’s multichain with EVM, Bitcoin, Cosmos, BNB, and Oraichain.
OBridge — Bridge between 11 networks and 17 tokens. Like Bitcoin, Ethereum, Tron, BNB, or Injective.
aiRight — This is a free online AI art generator. It has plenty of features to make your pictures the way you want them to be.
DeFi Lens — Get AI help with your trading. Data-driven and effortless trading. It uses generative AI. So, it generates text, images and so on.
LLM Layer — This is a chatbot for DeFi. Find out anything about DeFi in a matter of seconds.
So, Oraichain helps you to conquer the DeFi world and goes easy on you. It has, for example, extensive beginner’s guides for crypto fundamentals and trading. DeFi Lens and the LLM chatbot are also great tools to help you. For both beginners and experienced traders.
Oraichain has been around since early 2021. Its current $ORAI price is $5.32. It has the smallest market cap of today’s L1s, at $86 million. One great advantage is that almost all $ORAI tokens already circulate. That’s always good. In this case, 16.3 million out of a max supply of 19.8 million already circulate.
So, which one of these three altcoins is your favorite Ethereum competitor, and why? Or did I miss any of your fave altcoins?
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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Nermeen Nabil Khear