Multicoin Capital Co‑Founder Kyle Samani Forecasts Solana Overtaking Ethereum in Market Cap

Multicoin Capital co‑founder Kyle Samani told Cointelegraph that Solana is poised to overtake Ethereum’s market capitalization during the current market cycle. He highlighted Solana’s ease of use and functionality as reasons why more crypto projects may choose it over Ethereum.

Solana’s Market‑Cap Target

Samani noted that Solana would need a five‑fold increase from its current roughly $58 billion market cap to exceed Ethereum’s approximately $293 billion valuation. He described this as achievable within the present cycle.

Usage Claims

According to Samani, “today, no one really uses Ethereum,” and its prominence is largely tied to stablecoins and collateralized borrowing against Ether. He contrasted this with Solana’s growing fee generation, citing $23 million in fees over the past 30 days, ranking fourth in monthly fees, while Ethereum generated $12.6 million, ranking sixth.

Performance Comparison

During the recent market upturn, Ether rose about 30 % and Solana about 34 %. However, Solana’s price had fallen 59 % over the past year compared with Ether’s 45 % decline, reflecting a smaller base for Solana’s recent gains.

Samani’s Outlook on Ethereum

Samani described Ethereum’s value accrual as “questionable,” questioning why investors would hold Ether at current valuations. He expressed a bearish view on Ethereum’s growth prospects and suggested that other assets offer more reasonable pricing.

Background

Samani co‑founded Multicoin Capital in 2017 and has been an early backer of Solana, participating in its 2018 investment rounds. Multicoin reported managing $5.9 billion in assets as of May 2025. Samani stepped down as managing partner in February 2026 but later joined the board of the crypto trading platform Backpack.