Key Points
- Meme coins PNUT, PEPE, WIF, BRETT saw significant gains among top 100 cryptocurrencies on Nov. 14.
- Analysts predict an impending altcoin season, with Bitcoin’s performance setting the stage.
Meme-based cryptocurrencies like PNUT, PEPE, WIF, and BRETT experienced the highest growth among the top 100 cryptocurrencies by market capitalization on November 14. This comes as analysts anticipate an upcoming altcoin season.
Surge in Meme Coins
Peanut the Squirrel (PNUT) saw a 122.5% increase in the last day, pushing its market cap above $2 billion. The meme coin reached a peak of $2.44 on Thursday before settling around $2.07.
Pepe (PEPE) also saw a 75% increase in the past 24 hours, trading at $0.0000225. Its market cap now stands at $9.4 billion. On November 14, the Ethereum-based meme coin hit an all-time high of $0.00002457 with a trading volume exceeding $25 billion.
Other meme coins like Dogwifhat (WIF), Brett (BRETT), Popcat (POPCAT), Bonk (BONK), and FLOKI (FLOKI) also saw significant gains, ranging from 20-40%. Meanwhile, Dogecoin and Shiba Inu, the first ever meme coins, saw more modest gains of 5.4% and 5.9% respectively.
Altcoin Season Approaching?
The recent rise in meme coins and other altcoins has increased the sector’s market cap by 9% in the last day, reaching a record high of $126.6 billion. This surge follows Donald Trump’s election victory and Bitcoin’s recent record-breaking highs.
As Bitcoin continues its price discovery phase, analysts are speculating about the potential for an upcoming altcoin season. According to crypto analyst Miles Deutscher, the market is still in the “Bitcoin phase” of the cycle, where Bitcoin continues to rally and absorb liquidity until it reaches the cycle’s peak. He believes that the altcoin season will begin once Bitcoin’s dominance starts to decrease.
Deutscher noted that while there has been a recent surge in altcoins, a full-fledged altcoin season is yet to come. He emphasized that Bitcoin’s strong performance at this stage is crucial to setting the stage for a sustainable altcoin rally. The higher Bitcoin climbs, the more aggressive the capital rotation into altcoins is likely to be.
However, another analyst, Ash Crypto, believes that Bitcoin’s dominance, currently around 60.80%, has likely reached its peak for this cycle. He expects Bitcoin to start losing ground soon. Similarly, market commentator CryptoAmsterdam expects the altcoin season to start in the coming weeks.
On the contrary, Patric H suggests that the altcoin rally may not fully materialize until Bitcoin’s dominance reaches approximately 66%, assuming Bitcoin’s momentum continues. He advises followers to hold onto their altcoin positions in anticipation. The altcoin index currently stands at 35, indicating that the crypto community is still some way off from experiencing a true altcoin season, which usually occurs when the reading goes above 75 as seen earlier in March 2021 and August 2022.
