According to ChainCatcher, DBA co-founder Jon Charbonneau analyzed that when Ethereum and Solana reached their historical price peaks, their network revenues also peaked simultaneously, with valuation multiples being similar. Ethereum peaked in November 2021, with an annualized network revenue of approximately $21.9 billion and an FDV of $578.71 billion, resulting in a multiple of 26.42 times. Solana peaked in January 2025, with an annualized network revenue of approximately $6.61 billion and an FDV of $177 billion, resulting in a multiple of 26.77 times.

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