Cryptocurrency analyst Fred Krueger has claimed that the current valuation of Ethereum (ETH) is excessive. In his post on the X platform, Krueger argued that the value of ETH is disproportionate to its actual usage potential, even considering the most optimistic scenario. “Let's assume all Visa and Mastercard transactions switched to stablecoins on Ethereum. 393 billion payments per year x average $0.03 rollup fee = $11.8 billion in fees. The direct share of ETH (burn) would be approximately $1.8 billion, while layer 2 sequencers would earn approximately $10 billion,” Krueger said. According to the analyst, the current ETH market cap of approximately $575 billion equates to a 320x fee ratio compared to these revenue figures. Krueger noted that this multiple is excessive compared to tech giants: Apple: ~30x profit Google: ~25× earnings Ethereum: 320× fee Referring to ETH bull analyst Tom Lee, who has become increasingly popular on the cryptocurrency market agenda recently, Krueger said: “Even in a fantasy world where every Visa and Mastercard transaction was processed on Ethereum, ETH would still be overvalued. Tom Lee would get richer, and you would get poorer.” *This is not investment advice.