ETH is underperforming as an investment, leading to criticism and speculation in the crypto community.
Quinn Thompson, founder of Lekker Capital, believes that ETH is dead as an investment, citing decline in transaction activity, user growth, fees, and revenue.
Nic Carter, co-founder of Coinmetrics, agrees with Thompson, attributing ETH's death to greedy layer-2 networks siphoning value from the blockchain and the creation of excess tokens.
Some analysts blame the emergence of layer-2 chains and Bitcoin maximalists for cheering the creation of excess tokens on Ethereum, leading to its decline as an investment.