Ether’s weekend slide at the turn of February revived a familiar question: is the Ethereum network falling behind newer competitors or struggling to justify its valuation?
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As ETH plunged by as much as 17% alongside most of crypto, skeptics wondered whether this was a warning sign that the protocol’s dominance may be eroding.
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Yet inside Ethereum’s ecosystem, the sell-off has not been met with the same alarm. Developers and long-term players largely framed the move as a market-driven correction rather than a verdict on Ethereum’s health.
By several measures, network activity remains near peak levels. “Ethereum TVL is actually near all-time highs when denominated in ETH,” said Sam Ruskin, an analyst at Messari, suggesting capital has not meaningfully fled the
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