Popular crypto trader known as Crypto Beast has decided to sell a number of altcoins to focus on meme coins, eliciting mixed reactions from crypto investors.
Sale of Altcoins
Crypto Beast reported selling tokens Celestia (TIA), Ondo (ONDO), Ethena (ENA), Quant (QNT), and Pyth Network (PYTH) on July 7. All the mentioned altcoins posted some gains over a 24-hour period, with TIA leading the charge at approximately 10% growth. The trader noted that these tokens have utility but questioned their necessity, stating: “They’re good for one thing: making VCs richer.”
Expectations for Altseason
Despite Bitcoin's (BTC) dominance above 64%, some analysts believe altcoins are set for a rise. X user Chiefy predicted that the next “super-cycle” of altcoins will start in July, where low-cap tokens like Helium (HNT) and Ondo (ONDO) could experience explosive growth.
Community Opinions
The community's reaction to Crypto Beast's choice has been mixed. Some users supported his decision, emphasizing the importance of profit-taking, while others questioned the logic behind focusing on meme coins given their reduced popularity compared to last year, when the total market cap of the sector soared past $120 billion.
The meme coin market remains a contentious topic among investors, as attention turns to possible shifts in the altcoin sector. Observers are closely watching developments, hoping for growth opportunities.
