Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

Kyle Samani, co-founder of crypto investment firm Multicoin Capital, told Cointelegraph he expects Solana (SOL) to overtake Ethereum (ETH) in market capitalization during "this market cycle." Samani said a growing number of crypto companies will choose Solana as their default smart-contract network because it is "the most functional network" and simplifies operations for firms that can consolidate around it. Samani, whose firm accumulated a large early position in Solana, argued that Ethereum’s prominence today is sustained mainly by stablecoin activity and by lending that uses Ether as collateral. He described Ether’s value accrual as "questionable," saying he does not see growth commensurate with its valuation. He also asserted, directly, that "today, no one really uses Ethereum." Data cited in the interview show contrasting fee and price metrics: over the past 30 days DefiLlama recorded Solana generating $23 million in fees (placing it fourth among networks) while Ethereum produced $12.6 million (sixth). In percentage terms during the last month TradingView data showed Ether up about 30% and Solana up about 34%; over the past year Solana declined roughly 59% versus Ether’s 45% fall. Samani’s comments come against a backdrop of his personal and firm-level history in crypto. He stepped down as managing partner of Multicoin in February after a decade in the industry, and later joined the U.S. board of crypto trading platform Backpack in September. Multicoin reported managing $5.9 billion in assets as of May 2025 and was an early investor in Solana, participating in initial funding rounds from 2018 onward.