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In 2022, Ethereum switched to a PoS mechanism, resulting in a 99.95% reduction in energy consumption, but it lost the support of millions of GPU miners. Previously, miners formed a community of shared interests through mining and promoted the ecosystem spontaneously; however, the PoS staking requirement of 32 ETH has barred ordinary users, leading to a serious loss of community cohesion.
In contrast, Dogecoin, with the support of Musk and an active mining community, rebounded 18% in price in early 2025, maintaining a position among the top ten cryptocurrencies by market capitalization.
Although standards like ERC-7683 attempt to optimize the Ethereum ecosystem, the lack of collaboration among developers has led to “technological involution.” Solana attracts a large number of Meme coin projects to form “hotspot symbiosis” due to its high throughput and low fees, such as BURGER surging a thousand times in a single day, and Conan gathering 50,000 users in 7 days with innovative narratives.
Ethereum has long neglected the value of Meme coin traffic, with a “technology-first” philosophy that disconnects from grassroots culture. By 2025, Meme coins will account for 35% of crypto trading volume, with Solana ecosystem projects attracting retail investors through airdrops and low barriers to entry, while Conan reshapes value logic with a “finance + charity” model. Coupled with Ethereum's slow upgrades and the foundation's sell-off of ETH, market concerns are intensifying. $TRUMP $DOGE $SOL
