Alt Season Ruined by memecoins?
Alt Season Ruined by memecoins?
I feel like we all wait for alt season based on the money flow crypto chart, where all the money goes into BTC, then to ETH, then alt season follows.
But if you take a look at ETH, it hasn’t even passed its previous all-time high, while BTC already surged past its 2021 ATH.
I feel like instead of getting real innovation, we got Pumpfun and useless coins alongside it. You see great companies releasing coins, but instead of actual use cases or innovation, they just release a memecoin that dies in a few hours at most.
I know this has always been the case in crypto, where “real tech” barely exists and people release coins with no promise, but now it’s amplified. They barely have to do anything to get volume, just look like a company, and you’ll hit a $1 mil market cap.
If anything, it’s more effective now to build a community around a random animal.
*Im still Bullish long term*
No, there’s no alt season because appetite for risky assets isn’t there. Thats why the small caps in the stock market tracked by the Russell 2000 isnt doing as well as the S&P 500 either. And this is because the economy has not recovered, small businesses aren’t doing well. Once they do again then we can have alt season.