Meme Coins PNUT, PEPE, WIF, and BRETT Lead Daily Gains Amid Potential Altcoin Season

On November 14, several meme coins, including PNUT, PEPE, WIF, and BRETT, recorded substantial gains among the top 100 cryptocurrencies by market capitalization, sparking discussions about an impending altcoin season.

Peanut the Squirrel (PNUT)

Peanut the Squirrel (PNUT) surged by 122.5% over the past day, pushing its market cap to over $2 billion. The meme coin reached an all-time high of $2.44 on Thursday before settling around $2.07.

Pepe (PEPE)

Pepe (PEPE) saw a 75% increase in the last 24 hours, trading at $0.0000225 and achieving a market cap of $9.4 billion. Earlier on November 14, this Ethereum-based meme coin hit an all-time high of $0.00002457 with a significant trading volume surpassing $25 billion.

Other Meme Coins

Other prominent meme coins such as Dogwifhat (WIF), Brett (BRETT), Popcat (POPCAT), Bonk (BONK), and FLOKI (FLOKI) also posted daily gains ranging from 20% to 40%. Meanwhile, Dogecoin and Shiba Inu, the original meme coins, saw more modest increases of 5.4% and 5.9%, respectively.

The recent rise in meme coins and other altcoins has boosted the sector’s market cap by 9% within the past day, reaching a record high of $126.6 billion. This surge follows recent significant events in the cryptocurrency market.

Analyst Insights on Altcoin Season

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 remains in the “Bitcoin phase” of the cycle, where Bitcoin’s continued rally absorbs liquidity until it reaches its cycle top. Altcoin season typically begins once Bitcoin dominance starts to decline.

“Although there has been a recent rise in altcoins, a full-fledged alt season is yet to come. Bitcoin’s strong performance at this stage is crucial for setting the stage for a sustainable altcoin rally. The higher Bitcoin climbs, the more aggressive the eventual capital rotation into altcoins is likely to be,”

Deutscher explained.

Fellow analyst Ash Crypto believes that Bitcoin dominance, currently around 60.80%, has peaked for this cycle, and expects Bitcoin to soon start losing ground.

“Once the crash begins, alt season will start,”

said Ash Crypto.

Similarly, market commentator CryptoAmsterdam anticipates alt season to commence in the coming weeks, describing the process as follows:

“It starts with Bitcoin breaking its all-time high. Hundreds of millions flow into Bitcoin. A few weeks later, Bitcoin’s dominance breaks down. Now, those millions fly into your altcoins. Alt season is here.”

On the other hand, Patric H envisions a longer timeline, suggesting that the altcoin rally may not fully materialize until Bitcoin dominance reaches about 66%, assuming Bitcoin’s momentum continues.

“This higher dominance level would lay the groundwork for a much stronger alt season. Hold onto your altcoin positions in anticipation,”

advised Patric H.

Currently, the altcoin index shows a reading of 35, indicating that the crypto community is still far from experiencing a true altcoin season, which typically occurs when the index goes above 75.

For more updates and insights on the cryptocurrency market, keep following the latest news on Global Crypto News.

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