The next altcoin season will be dominated by memecoins, not Ethereum
The altcoin season is expected, as it has been nearly seven months since the last non-Bitcoin token price increase. The emergence of the altcoin season is attributed to the participation of institutional investors or the launch of Ethereum spot ETFs. However, the reality may be slightly different.
MEME coins are showing their strength
In the last season, i.e. the past 90 days, the best performing memecoins are Mog Coin (MOG), Brett (BRETT), PEPE, and BONK. These meme coins have all grown by more than 100%, with MOG growing by 350% and BRETT growing by 370% during the same period.
The cryptocurrency market, despite not taking these tokens seriously, we still see capital inflows continue to invest in memecoins. As a result, PEPE and BONK have risen by 137% and 101%, respectively. Therefore, the market can benefit from this optimism.
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As a result, PEPE and BONK have risen by 137% and 101%, respectively. Therefore, the market can benefit from this optimism.
At the time of writing, the possibility of an altcoin season is still there, but its occurrence is still far away. Since only meme coins have grown by more than 100%, these coins built as jokes may pave the way to attract investors.
The spot ETH ETF is likely to be launched next week on July 23. Bloomberg ETF analyst Eric Balchunas reported that the SEC has resumed discussions with the issuer and expects a positive final result this week.
