Andrew Kang: Ethereum is Luna 2.0

On September 25, Andrew Kang, the founder of the crypto venture capital firm Mechanism Capital, quoted his article criticizing Tom Lee yesterday, stating, "Ethereum is Luna 2.0." Andrew Kang bluntly said that Tom Lee's theory about ETH "is like that of an idiot," and put forward five major points for refutation, causing a stir in the industry: the popularization of stablecoins and RWA will not bring the expected returns; the analogy of Ethereum as "digital oil" is inaccurate; the idea that institutions buy and stake ETH? Pure fantasy; is ETH equivalent to the total value of all financial infrastructure companies? Utterly absurd; Technical Analysis shows that ETH is clearly still in a multi-year sideways range, with the most recent pump even being ruthlessly pushed back after touching the upper bound.

ETH-4.49%
LUNA-3.1%
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