The ongoing slowdown in the price performance of Ethereum ($ETH) has caught the attention of notable crypto analysts. The popular Bitcoin analyst PlanB has criticized $ETH as a “real shitcoin,” while questioning the top altcoin’s long-term viability when compared with $BTC. He said this while replying to an old tweet of Vitalik Buterin, Ethereum co-founder, in which he had criticized stock-t0-flow model. The analyst took to social media to comment on the present overview of the Ethereum ($ETH) ecosystem.

PlanB Calls Ethereum ‘Real Shitcoin’ Based on Potential Vulnerabilities

PlanB’s discussion on $ETH targeted the basis of its ecosystem. While expressing dissatisfaction with the present outlook of Ethereum, PlanB pointed toward its centralization. In addition to this, the analyst also targeted, the premined $ETH supply, the modifiable monetary policy and proof-of-stake (PoS) consensus mechanism of Ethereum. These are reportedly the factors that underscore crucial vulnerabilities in the Ethereum ecosystem.

While criticizing $ETH, PlanB highlighted the supremacy of Bitcoin over the crypto assets. Even before this, PlanB has often been quite vocal about Bitcoin’s top position in the crypto market. While raising caution against Ethereum, PlanB indicated the premine dumping of $ETH as a key red flag. Premine is the earliest token allocation that serves insiders and developers prior to a public sale.

Analyst Indicates $ETH Premine Dumping as Key Red Flag

As per the reports, the Ethereum developers have dumped a considerable amount of $ETH tokens up till now. The respective amount has potentially reached up to $11Ms in total. This raises huge concerns among the $ETH investors. However, PlanB thinks that some people do not care about such alarming events. Keeping this in view, the analyst reinforces his idea that $ETH is a shitcoin when it comes to flexible monetary policy, proof-of-work consensus, premined, and wider centralization.

Parallel to criticizing Ethereum, PlanB also hailed Bitcoin ($BTC) just like many $BTC maximalists do. PlanB’s negative comments on $ETH have triggered a debate among the community members. In the same vein, several others highlight Merge as the key protocol change shift in the Ethereum ecosystem that undermines the scarcity and immutability principles. On the other hand, the Bitcoin ecosystem prioritizes them as the core principles. According to PlanB, $ETH and other such crypto assets can never beat Bitcoin, based on the above-mentioned vulnerabilities.