We must begin discussions on what happens to crypto if $ETH doesn't hit a new ATH this cycle.
I don't believe it will become irrelevant ever. It's simply not possible now. It's the Linux of Web3.

However, investors will take a much different view of it in the instance it wildly underperforms through the entire cycle. 

Add to that the possibility that $SOL gains more mindshare and, could it be(?), a higher market cap.
What happens to this stack of cards if pumpdotfunners are rewarded in that way?

Are you ready to live in that world where SOL KOL posts garner more attention than Vitalik's?