Meme-based coins such as Dogecoin, BONK, WIF, FLOKI, and PEPE that are now getting popular are indicating the beginning of the ‘alt season’.
The aspect of social media especially the tweets from Elon Musk has remained very active in creating the topic and the prices for some digital currencies particularly DOGE.
Despite the growing interest in altcoins people should go in for investing in them with their eyes closed due to the volatile nature of the market and the high risk associated with it.
The cryptocurrency market today is displaying much activity in altcoins with some of them recording impressive gains today. This brought in a new switch in the altcoin market that many traders are terming as the ‘alt Season’. These wild swings in the altcoin market are proving to be very popular with investors or those interested in the cryptocurrency market.
In the recent period, focus shifted towards several well-known altcoins, based on both the market situation and stimulated by the effect of social networks. It’s as if we are seeing the replay of the same event and this is evident as it unfolded early this year. Dogecoin ( $DOGE ) rose by more than 23,000% and this was mainly attributed to the influence of Elon Musk.
Yesterday, Musk again tweeted about Dogecoin again thereby creating,” buzz around it and causing people to speculate about a repeat of the recent massive increase.Other memecoins that are gaining attention are $BONK , $WIF , $FLOKI , and $PEPE tokens in addition to Dogecoin. These coins have been leveraging on the intensified use of social media platforms and the growing interest in the broader market for altcoins. Of course, none of those coins attain DOGE’s top performance, but their price dynamics indicate that they could be more involved in the next altcoin season.
Potential for Altseason
Traditionally, alt seasons are seasons where smaller coins surge past their big market cap counterparts in raw gains. Some of the traders now argue if the current situation is preparing the market for yet another altseason. If that’s the case, the financial tokens brought up earlier could likely see great growth as was evidenced in the same cycles.
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Despite improvements in altcoins, the investor must also exercise caution before getting into the trade. This takes intuition out of the picture, sadly the market is still unpredictable and anyone claiming they know when ‘altseason’ will occur or when this or that token is going to triple is probably best disregarded. Traders are encouraged to monitor these assets closely while remembering that these are risky altcoin investments most of the time.
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