PlanB Slams Ethereum as ETH Faces Market Pressure and Criticism

PlanB reignites old tensions by labeling Ethereum as a premined and centralized coin with a harmful token model.Ethereum’s flexible supply schedule and recent token dumps from its foundation continue to draw industry-wide scrutiny. The criticism resurfaces as Ethereum’s market performance struggles to show significant upward momentum.

Nearly three years after Ethereum co-founder Vitalik Buterin criticized PlanB’s Stock-to-Flow model, the anonymous analyst has responded. PlanB reignited the debate on April 20, labeling Ethereum as a “centralized premined shitcoin” in a pointed comment posted on X. PlanB’s reaction comes as Ethereum continues to experience lackluster price momentum. In 2022, Buterin dismissed the Stock-to-Flow (S2F) model, arguing that financial projections promising consistent price increases were misleading. At that time, Bitcoin’s price had diverged significantly from the S2F forecast. Ethereum Foundation Token Dumps Under Scrutiny Criticism toward Ethereum has grown in recent months. The Ethereum Foundation has drawn attention due to repeated ETH sales, sparking concerns about the project’s internal strategies. Market participants have questioned the impact of these token movements on Ethereum’s value and credibility. In his latest comments, PlanB asserted that Ethereum fits every characteristic of what he calls a “real shitcoin.” He pointed to Ethereum’s flexible supply model and absence of a strict monetary policy. These features, he argued, weaken its value proposition compared to Bitcoin, which has a fixed supply schedule. Centralization and Premining Raise Concerns PlanB also criticized Ethereum’s initial token distribution. He claimed that Ethereum’s premine and ongoing foundation sales raise red flags about its decentralization. He argued that such practices contradict the principles of trustless systems and transparency expected in decentralized networks. These statements arrive at a time when Ethereum’s price has not matched broader market expectations. With no recent surge and increased scrutiny from analysts, public perception of Ethereum’s fundamentals appears to be shifting. Industry observers are monitoring whether such criticism affects future market behavior.