Kyle Samani Predicts Solana Will Surpass Ethereum Market Cap

Samani predicts Solana will flip Ethereum this cycle

Kyle Samani, co-founder of crypto investment firm Multicoin Capital, predicts that Solana will surpass Ethereum in market capitalization during the current market cycle. He told Cointelegraph during an episode of Trade Secrets that Ethereum may gradually lose its position as the default smart contract network for crypto companies.

Samani said companies will likely move to Solana because it is the "most functional network" and makes it easier for firms to consolidate their operations in one place.

Key claims and market data

• Samani claims that "today, no one really uses Ethereum," arguing it only remains a leading blockchain due to stablecoins and stablecoins borrowed against Ether as collateral.
• Solana's market cap sits at approximately $58 billion, while Ethereum's is around $293 billion — meaning a five-fold increase in SOL would be needed to match ETH.
• Solana generated $23 million in network fees over the past 30 days, ranking fourth, while Ethereum generated $12.6 million, ranking sixth, according to DefiLlama.
• Over the past month, Ether rose 30% while SOL rose 34%. However, SOL fell 59% during the past year compared to ETH's 45% decline.

Why Samani favors Solana over Ethereum

Samani said he is "bearish" on Ethereum's ability to accrue value, calling it a "$400 billion to $300 billion asset that has questionable value accrual, if any, and it's not growing at all." He said he does not understand why investors would want to own Ether at its current valuation.

He argued that more crypto companies will pivot to Solana because it offers greater functionality and ease of use.

Samani's history with crypto and Solana

Samani first discovered permissionless finance and smart contracts through Ethereum in 2016. He later became dissatisfied with how Ethereum developers addressed scaling and shifted his focus to Solana. His firm, Multicoin Capital, led some of Solana's earliest investment rounds in 2018.

Multicoin reported managing $5.9 billion in assets as of May 2025, making it one of the most prominent crypto investment firms. Samani stepped down as managing partner of Multicoin in February 2026 after 10 years in the industry but joined the US board of directors at crypto trading platform Backpack in September 2026.

Sources

• Cointelegraph — Kyle Samani Predicts SOL Flippening, Claims 'No One' Uses ETH