Amid predictions of an approaching altcoin season, meme coins such as PNUT and PEPE have shown significant price increases.
Meme Coin Surge
Peanut the Squirrel (PNUT) skyrocketed 122.5%, bringing its market cap to over $2 billion with a peak price of $2.44 before dropping to $2.07. Pepe (PEPE) was up 75%, reaching $0.0000225 in price with a market cap of $9.4 billion. Other meme coins like Dogwifhat (WIF), Brett (BRETT), also topped daily gainers.
Analysts' Predictions
Analysts are debating the potential onset of altseason. According to Miles Deutscher, the market is still in the 'Bitcoin phase', and altseason will start when BTC dominance declines. Ash Crypto concurs, noting Bitcoin's dominance has likely peaked at 60.8%.
When to Expect Altseason?
Analysts' opinions vary on the start of altseason. CryptoAmsterdam expects it in coming weeks while Patric H suggests it may only begin after Bitcoin dominance hits around 66%. The altcoin index currently reads 35, indicating a true altseason is still distant.
The recent surge in meme coin market activity suggests a lively sector, yet analysts are divided on when the next altseason may begin. Until the altcoin index rises above 75, this period remains in the future.
