It's been nearly seven months since a non-Bitcoin token last saw an uptick, so altcoin season is eagerly anticipated.
The arrival of altcoin season is speculated to be triggered by institutional investors or the launch of an Ethereum spot ETF. But the reality may be a little different.
Meme Coins Move Forward
The next altcoin season could come from bullishness for meme coins. Artificial intelligence (AI) and real asset (RWA) tokens emerged as hot topics, but meme coins were the frontrunner.
The best performing coins last season, i.e. over the last 90 days, were MOG, BRETT, PEPE, and BONK. These meme coins each recorded gains of more than 100%, with Mog up 350% and Brett up 370% over the same period.
Despite the cryptocurrency market not taking these tokens seriously, they continued to pour money into meme coins, resulting in PEPE and BONK gains of 137% and 101% respectively.
So the market can benefit from this strength.
Currently, the possibility of an altcoin season is still alive, but it is still a long way off. Since only meme coins have recorded gains exceeding 100%, it is likely that these prank coins will pave the way for them to attract investors.
Read more: 12 Best Altcoin Exchanges for Cryptocurrency Trading in July 2024
This will allow other altcoins to also benefit from increased investment, accelerating the reigning potential of altcoins.
Ethereum to give it the boost it needs
It's unclear whether meme coins alone will be able to spark an altcoin season , but with the help of Ethereum, the odds are much higher. While the approval of the Ethereum spot ETF was strong, the launch of such an ETF would be an even bigger event.
Read more: What are the best altcoins to invest in July 2024?
Despite multiple delays, the spot Ethereum ETF will most likely launch next week on July 23rd. Bloomberg ETF analyst Eric Balchunas reported that the Securities and Exchange Commission (SEC) is in talks again with the issuer and expects a positive final result this week.
