This cycle has hardly been kind to those who are bullish on the crypto market’s leading altcoin, Ethereum (ETH). Despite progress like the approval and launch of several Ethereum ETFs, ETH’s price and its performance compared to major competitors like Bitcoin and Solana have been rather disappointing.
At the end of the eighth month of the year, the altcoin price dropped below $2,600, which is only 14% higher than at the beginning of the year. This would be a lot for traditional financial markets, but is not considered something special in cryptocurrency, especially when SOL has tripled its performance over the same period.
In light of this speculation, many Ethereum traders and enthusiasts have expressed concerns, which they addressed to the blockchain founder himself, Vitalik Buterin.
The community’s discontent with Buterin has grown significantly recently, as he has been writing more about philosophical and theoretical issues, while everyone else has been calling for him to write something about Ethereum and drive up the altcoin’s price.
“Ethereum is good”
It seems the whining worked, as Buterin finally broke his silence today and issued what could literally be called a bull post. In the image, which Buterin created using “stable diffusion 3 inpainting and gimp,” he says he depicted a bull standing on a rock holding a sign that reads “Ethereum is good.”
“I was told I needed to philosophize less and do more bullshit. So here’s some bullshit about Ethereum,” the crypto visionary’s caption reads.
I was told I needed to “less philosophize and more ethereum bullpost.” So here’s an ethereum bullpost, courtesy of stable diffusion 3 inpainting + gimp. pic.twitter.com/ZcPjNVImpn
— vitalik.eth (@VitalikButerin) August 21, 2024
Needless to say, the price of ETH shot up immediately, rising 2.76% over the next half hour. But more importantly, the room was filled with reactions from market participants.
Many were excited, some remained skeptical, but one thing is for sure: this unexpected move by the Ethereum leader could give a boost to the altcoin and distract market participants from Bitcoin and Solana.
