Multicoin Capital co-founder Kyle Samani predicts that Solana will surpass Ethereum in market capitalization during the current market cycle. He argues that Solana is a more functional network and expects more crypto firms to build on it rather than Ethereum.
Samani notes that Solana has already overtaken Ethereum in fee generation, reporting $23 million in fees over the past 30 days compared to $12.6 million for Ethereum. Currently, Solana's market cap is $58 billion, while Ethereum's stands at $293 billion.
The investor expressed skepticism regarding Ethereum's long-term value, suggesting that its current market position relies heavily on stablecoins. He stated that he sees better investment opportunities elsewhere at more reasonable price points.
Multicoin Capital, which managed $5.9 billion in assets as of May 2025, was an early investor in Solana, leading rounds in 2018. Samani, who previously stepped down as managing partner of the firm, recently joined the US board of directors at Backpack.
