Altcoins
Here’s How Meme Coins Will Drive the Next Altcoin Season
The altcoin season is highly anticipated, as it has been nearly seven months since non-Bitcoin tokens last saw gains.
It has been speculated that the arrival of the altcoin season was triggered by institutional investors or the launch of spot Ethereum ETFs. However, the reality may be a bit different.
Meme coins move on
The Next Altcoin Season could be due to the surge seen in meme coins. While Artificial Intelligence (AI) and Real World Assets (RWA) tokens have been in the spotlight, meme coins have been the leaders.
In the last season, i.e. the last 90 days, the best performers were Mog Coin (MOG), Brett (BRETT), PEPE, and BONK. Each of these meme coins saw gains of over 100%, with MOG seeing a 350% increase and BRETT increasing by 370% in the same period.
Analysis by Brett Price. Source: Trading View
The cryptocurrency market, despite not taking these tokens seriously, continues to pour money into meme coins, resulting in a 137% gain for PEPE and BONK and 101%, respectively.
Therefore, the market could benefit from this bullish trend.
At the moment, the possibility of an Altcoin season AND still alivebut the arrival is far away. Since only meme coins have seen gains above 100%, these joke coins will probably pave the way to attract investors.
To know more: Top 12 Altcoin Exchanges for Cryptocurrency Trading in July 2024
This way, other altcoins could also benefit from increased investment, accelerating the potential of the altcoin realm.
Ethereum will provide the necessary boost
If meme coins alone will be Able to Trigger Altcoin Season Whether or not is uncertain, but with the help of Ethereum, the odds are significantly higher. The approval of Ethereum spot ETFs was a bullish moment, but the launch of these ETFs will be a much bigger event.
To know more: What are the best altcoins to invest in July 2024?
Despite multiple delays, the Spot ETH ETFs are very likely The launch is scheduled for next week, on July 23. Bloomberg ETF analyst Eric Balchunas reported that the Securities and Exchange Commission (SEC) is again in discussions with issuers and expects a positive final outcome this week.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto strives to provide accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAND Disclaimers They have been updated.