Andrew Kang: Ethereum is Luna 2.0

BlockBeats News, September 25th. Founder of crypto venture capital firm Mechanism Capital, Andrew Kang, quoted in a post criticizing Tom Lee yesterday, stating, "Ethereum is Luna 2.0."

Andrew Kang bluntly stated that Tom Lee's theory about ETH is "like that of an idiot" and put forward five main points to refute it, causing a stir in the industry, namely:

The mass adoption of stablecoins and RWAs will not bring the expected benefits;

The analogy of Ethereum as "digital oil" is not accurate;

Institutional buying and staking ETH? Pure fantasy;

Is ETH equivalent to the total value of all financial infrastructure companies? Utterly absurd;

Technical analysis of ETH clearly shows that it is still in a multi-year consolidation range, and the recent price increase was ruthlessly rejected after touching the upper boundary.