A crypto analyst recently made a strong statement that’s got people talking: Ethereum might be heading down the same path Nokia did — from being the top dog to slowly fading into the background.
Sounds dramatic? Maybe. But there are some real numbers and past examples that give this comparison some weight.
Remember Nokia?
Back in 2007, Nokia was the king of mobile phones, owning nearly 50% of the global market. But within just six years, their share dropped to just 3%. What happened? Apple and Android came in with better software, smoother design, and phones people actually wanted to use. Nokia didn’t keep up — and paid the price.
Now Enter Ethereum… and Solana
Ethereum is kind of like Nokia in this story. It’s been around for a long time, has a strong brand, and is widely used in DeFi, NFTs, and other parts of Web3. But some people argue it’s getting old, especially when compared to newer platforms like Solana.
One analyst, known as Crypto Curb, shared a chart showing how Ethereum’s market share has dropped a lot since 2021 — similar to how Nokia’s stock dropped after 2007. He said bluntly:
“Ethereum = Nokia.”
What’s Solana Doing Right?
While Ethereum is slowing down a bit, Solana is sprinting ahead. Between October 2023 and November 2024, the price of SOL went from $23 to $264 — that’s more than a 1000% jump.
But it’s not just price. Solana now has more daily users and more transactions than Ethereum. Why? It’s faster, cheaper to use, and friendlier for developers.
Kind of like how the iPhone took off with its slick design and easy-to-use interface — Solana is gaining users because it’s simply smoother.
So… Is Ethereum Done?
Not so fast.
While Solana is clearly making moves, Ethereum still plays a huge role in the crypto space. Just recently, Ethereum overtook Solana in DEX (decentralized exchange) trading volume — a sign that many serious users still rely on ETH.
Big investment firms like Franklin Templeton still back Ethereum too. And with upgrades like Pectra on the way, plus talk of ETH staking ETFs, Ethereum has plenty of room to grow.
The Real Question: Can Ethereum Keep Up?
It’s fair to say Ethereum is at a crossroads. If it can scale up, speed up, and lower fees, it could keep its spot near the top. But if it lags behind while others like Solana, Avalanche, or newer chains improve quickly — it risks being left behind.
Just like Nokia, it might not vanish overnight — but it could slowly lose relevance.
