Arthur Hayes, the former CEO of cryptocurrency derivatives trading platform BitMEX, has recently revealed that he sold his holdings in the smart contract platform Solana (SOL) and moved his investment to the second-largest cryptocurrency by market capitalization Ethereum (ETH).
In a post shared with Hayes’ over 420,000 followers on the microblogging platform X (formerly known as Twitter), Hayes suggested the move came after an enlightening meditation session that led to him dumping Solana, which he referred to as “that Sam coin” referring the support former FTX CEO Sam Bankman-Fried showed for it.
The meditation session also prompted him to profess his “love for Archangel Vitalik,” referring to Ethereum co-founder Vitalik Buterin. As a result, he dumped his SOL tokens and bought ETH as he believes ETH’s price will top $5,000.
Hayes, who is well-known for his profound understanding of the cryptocurrency sphere, has consistently advocated for Ethereum, particularly following its effective shift to a Proof-of-Stake consensus algorithm.
Per the former CEO of BitMEX, the market hasn’t yet fully recognized the importance of Ethereum’s successful move. His words come as a popular cryptocurrency analyst suggested Ethereum’s price could soon surge to top $3,500.
Solana has meanwhile surged nearly 800% this year to the point it has overtaken XRP to become the fifth-largest digital asset by market capitalization, behind Binance’s BNB, USDT, ETH, and BTC.
Solana’s ecosystem has been seeing growing adoption, with its Saga smartphone, which once faced sluggish sales, selling out recently over a lucrative 30 million BONK token airdrop for each new owner of the phone.
At its high, the airdrop was estimated to be worth more than the smartphone’s $599 price tag, meaning users could get their hands on a new smartphone and still make a profit off of just the airdrop.
Ethereum, meanwhile, is set to soon undergo its Cancun-Deneb upgrade, also known as Dencun. The upgrade will help lower transaction fees and enable new functionalities for token bridges and staking protocols.
Featured image via Unsplash.
