Altcoin season is highly anticipated as it has been almost seven months since the last time non-Bitcoin tokens enjoyed gains.
It was expected that the start of the altcoin season would be due to institutional investors or the launch of Ethereum-specific spot ETFs. However, the reality may be a bit different.
Meme Coins Push Forward
The upcoming altcoin season could be a result of the surge in meme coin prices. While AI tokens and real-world assets have been the talk of the town, meme coins have been the leaders.
Last season, that is, over the last 90 days, the best performing coins were Mog Coin (MOG), Brett (BRETT), PEPE, and BONK. Each of these coins recorded gains of over 100%, with MOG up 350% and BRETT up 370% in the same period.
Despite the crypto market not taking these tokens seriously, they continue to pump money into meme coins, leading PEPE and BONK to record gains of 137% and 101% respectively.
Therefore, the market may benefit from this upward trend.
For now, the altcoin season is still there, but it’s still a long way off. Since only meme coins have recorded gains of over 100%, these meme coins are likely to pave the way for attracting investors.
Read more: Top 12 Altcoin Exchanges to Trade Cryptocurrencies in July 2024
In this way, other altcoins can also benefit from the increased investment, accelerating the altcoin’s governance potential.
Ethereum will provide the necessary support.
It’s uncertain whether meme coins alone can spur an altcoin season, but with the help of Ethereum, the chances are much higher. The approval of Ethereum spot ETFs was a bullish moment, but the launch of these funds will be a much bigger event.
Read more: What are the best altcoins to invest in July 2024?
Despite multiple delays, the spot ETH ETF is likely to launch next week on July 23. Bloomberg ETF analyst Eric Balchunas reports that the Securities and Exchange Commission (SEC) is in talks with issuers again and expects a positive final outcome this week.
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