Pakinomist –‘s cryptocurrency, , continues to lose momentum against rival tokens. This decline comes amid the tension generated by former President Donald Trump’s foray into the speculative segment of the digital asset market.
The Ether-to-Bitcoin price ratio, a measure of the second-largest token’s performance against the largest, fell to its lowest level since 2021 on Monday, according to data analyzed by Bloomberg.
During the same period reached a record high of $109,241. Meanwhile, ‘s native token, a blockchain that competes with Ethereum, hit new highs over the weekend.
The increase in Solana’s value was mainly driven by two memecoins introduced on its blockchain by Trump and his wife Melania before his inauguration. Trump’s memecoin saw intense trading activity over the weekend, reaching a market cap of $15 billion before experiencing a sharp decline, according to data from CoinMarketCap.
The Republicans’ pro-crypto stance has benefited most major digital assets since Trump’s victory over Democrat Kamala Harris in November.
Memecoins, often represented by joke tokens like , are highly volatile cryptocurrencies with little intrinsic value. They can register significant gains if they capture the attention of social media users, but are equally susceptible to rapid crashes.
Self-proclaimed an “Ethereum killer,” Solana has become the network of choice for memecoin launches. The price ratio of its token to Ether hit an all-time high on Sunday as speculators invested heavily in the Trump coins.
While other cryptocurrencies are setting records, Ether remains about 30% below its 2021 peak. Over the past 12 months, the token is up 39% compared to gains of 156% and 180% for Bitcoin and Solana, respectively.
The relatively muted demand for Ether has caused concern among investors. Over the past three months, a group of 12 Bitcoin exchange-traded funds in the US have seen net inflows of more than $17 billion, while similar Ether investment products attracted just $3 billion, according to Bloomberg data.
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