In the 2021 bull market, ETH hit a new all-time high, sparking a DeFi bull run and giving birth to multiple 100x and 1000x tokens. In the 2024 bull market, SOL and BNB also hit new highs, leading to a massive Meme coin bull run, with so many 100x tokens that you couldn’t count them on two hands. Meanwhile, the Ethereum chain was still holding onto the dream of 'technology changing the world,' which resulted in Ethereum, for the first time since its inception, failing to hit a new high during a bull market. In my opinion, it’s almost impossible for Ethereum to hit a new high in the next bull market either. The technological moat of Ethereum has already been completely crushed by other chains.