According to ChainCatcher, DBA co-founder Jon Charbonneau analyzed that when Ethereum and Solana hit all-time high prices, their network revenues peaked simultaneously, and their valuation multiples were close. Ethereum reached its peak 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 26.42x. 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 26.77x.

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