President Trump officially signed an executive order on Saturday in the United States, imposing a 25% tariff on goods imported from Mexico and Canada, and a 10% tariff on goods from mainland China, as well as a 10% tariff on Canada's energy resources. This event, which was delayed until Monday (the first working day after the Chinese market holiday), led to a significant market decline.
Bitcoin led the decline, falling more than 6%, at one point dropping to $91K. The decline in Ethereum (ETH) was even more than expected, at one point dropping to $2,100. The SOL, which has been frequently compared recently, has fallen 10% since the 30th, while ETH has fallen by more than 30%.
Among the top 10 non-stablecoin cryptocurrencies, ETH, XRP, DOGE, ADA, LINK, and AVAX all had declines of more than 20%. In particular, AVAX, DOGE, and ADA have fallen nearly 40% in the past 30 days.
Although Ethereum co-founder Vitalik Buterin has recently been constantly criticized by the community for not "looking at money" and causing the ecosystem development to stall, thus failing to effectively drive the growth of ETH prices, Justin Sun, the founder of TRON, even stated that he is willing to serve as the leader of the Ethereum Foundation to assist in the development of the ecosystem and currency prices.
From the locked value of the ecosystem, Ethereum still occupies more than 50% of the value, although Solana has shown a trend of annual increase, it is still quite scarce compared to Ethereum.
However, the recent revenue from transaction fees on Ethereum has been the subject of much discussion. Although Ethereum still dominates the annual on-chain fee revenue, the craze for meme coins and AI agents has been largely controlled by Solana, so it can be seen that in the short term, Solana's revenue has been higher than Ethereum's. If revenue is compared to TVL, combined with Solana's low fees, the activity level between the two chains may differ greatly.
President Trump's tariff policy has directly impacted the global market, especially the violent reaction of the Chinese market after the long holiday, which highlights the lagging effect of the market and the transmission impact of policy risks. Against this macroeconomic backdrop, the collapse of the cryptocurrency market is not only a simple market sentiment response, but also reflects a re-evaluation of capital risk.
As the core of the blockchain ecosystem, Ethereum's price decline has exceeded Solana, not only affected by the market, but also questioned by internal development issues. The gap between Vitalik Buterin's technology-oriented style and the community's expectations on the economic level has made capital more inclined to Solana, which emphasizes practical applications and low fees, in the short term. In addition, Solana's dominant position in the meme coin and AI agent trading craze has made its short-term revenue exceed Ethereum, indicating that the cryptocurrency market is undergoing a redistribution of value.
However, in the long run, Ethereum still holds the largest TVL, which means that the market still has confidence in its security and long-term development. Although Solana is superior in transaction activity, its infrastructure stability and decentralization are still facing challenges. If Ethereum fails to make timely adjustments in terms of fees, scaling solutions, and ecosystem development, the market may accelerate the shift towards more cost-effective and efficient public chains. Ultimately, the competition in the cryptocurrency market is not only a battle of technology and ecology, but also a struggle of capital flow and market faith, and the future pattern will depend on who can truly balance technological development and the sustainability of the economic model.
Risk Warning
Cryptocurrency investment is highly risky, and its price may fluctuate dramatically, and you may lose your entire principal. Please carefully evaluate the risks.
