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The Altcoin Season is highly awaited as it has been nearly seven months since the last time the not-Bitcoin tokens enjoyed gains.
The arrival of the altcoin season has been speculated to be triggered by either institutional investors or the launch of spot Ethereum ETFs. Still, the reality might be a little different.
Meme Coins Push Forward
The next altcoin season could result from the bullishness noted towards meme coins. While Artificial Intelligence (AI) and Real World Assets (RWA) tokens have been the talk of the town, meme coins have been the leaders.
In the last season, i.e., the last 90 days, the top performers have been Mog Coin (MOG), Brett (BRETT), PEPE, and BONK. Each of these meme coins has noted gains exceeding 100%, with MOG charting a 350% rise and BRETT rising by 370% in the same duration.
The crypto market, despite not taking these tokens seriously, continues to pour money into meme coins, resulting in PEPE and BONK noting gains of 137% and 101%, respectively.
Thus, the market could benefit from this bullishness.
At the moment, the chance of an Altcoin Season is still alive, but the arrival is far away. Since only meme coins have noted gains exceeding 100%, these joke coins will likely pave the way for attracting investors.
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This way, other altcoins could also benefit from increased investment, accelerating the potential of the reign of altcoins.
Ethereum Will Provide the Necessary Boost
Whether meme coins alone will be able to trigger the Altcoin Season or not is uncertain, but with the help of Ethereum, the chances are significantly higher. The approval of spot Ethereum ETFs was a bullish moment, but the launch of these ETFs will be a much bigger event.
Read More: Which Are the Best Altcoins To Invest in July 2024?
Despite multiple delays, the spot ETH ETFs are most likely to launch next week on July 23. Bloomberg ETF analyst Eric Balchunas reported that the Securities and Exchange Commission (SEC) is in talks with the issuers again and expects a positive final outcome this week.