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Andrew Kang: Ethereum is Luna 2.0
BlockBeats news, on September 25, Andrew Kang, the founder of the crypto venture capital firm Mechanism Capital, posted a statement referencing his article from yesterday criticizing Tom Lee, stating, "Ethereum is Luna 2.0." Andrew Kang bluntly called Tom Lee's theory about ETH "like a fool" and put forward five major points to refute it, causing a stir in the industry, namely: the popularization of stablecoins and RWA will not bring the expected benefits; the analogy of Ethereum as "digital oil" is inaccurate; institutional buying and staking ETH? Pure fantasy; is ETH equivalent to the total value of all financial infrastructure companies? Absurd to the extreme; technical analysis shows that ETH is clearly still in a multi-year sideways range, and the most recent pump was even ruthlessly pushed back after hitting the upper limit.