Bitcoin rate is presently combining around $60,000, with its supremacy growing to 57.4%. This strong supremacy hasactually pressed back the start of an altcoin season. However, according to Glassnode lead expert James Check, one secret factor for this hold-up is the effect of memecoins, which he explains as the “silent killer” of the altcoin season.
Meme Coins: Silent Killer of Altcoin Season
In a current Rough Consensus podcast, Glassnode lead crypto expert James Check talkedabout why the altcoin season is been delaying. He pointed out that traders are hurrying into popular meme coins like Dogecoin, Shib Inu, and PePe, which are drawingin a lot of cash.
Meanwhile, this pattern is taking funds away from conventional altcoins like, Ethereum, Solana, and XRP. Moreover, for every dollar that goes into meme coins, about 50 to 60 cents might haveactually gone to these widelyknown cryptocurrencies.
Since there is just a restricted quantity of financialinvestment cash, moving too much into memecoins suggests there is less readilyavailable for altcoins.
Trader Running Towards Memecoin
In the 2021 bull run, memecoins typically acquired appeal towards the end of the crypto market rally. This time, nevertheless, they are getting traction much previously. Check keptinmind that traders, excited to capitalize on the buzz are rapidly leaping into popular meme coins and frequently avoiding more steady financialinvestments.
For example, the current surging appeal of PEPE has led to enormous gains in the veryfirst half of2024 As per Lookonchain, some traders made massive prof