Bonk, Dogeсoin and Shiba Inu rise in price by 37%, 16% and 20% in 24 hours

Recently, there has been a significant growth in a whole list of digital currencies related to meme coins. This could be early evidence of the start of the altcoin season, says a new report from K33 Research.

We are talking about a cycle during which more modestly capitalized crypto coins overtake BTC and ETH in growth rates. According to CoinGecko, in the last 24 hours alone, the value of the largest meme coins by capitalization has increased by tens of percent.

The leaders were Bonk, Dogeсoin and Shiba Inu, which rose in price by 37%, 16% and 20%, respectively, in 24 hours.

Often, significant growth in meme coins occurs after a rally of the two leading digital currencies, when traders decide to redistribute profits into altcoins. Analysts indicate that over the past 30 days, the profits of owners of popular meme coins have increased by hundreds of percent.

For example, the trading volume of the PEPE token alone over the past 24 hours showed a new record of $3.6 billion. According to CoinGecko, the crypto coin rose in price by more than 434% over the week.

Analysts from K33 Research expressed the opinion that, based on historical data, other altcoins will gradually begin to outstrip the first cryptocurrency in terms of profitability.

Experts suggested that the key prerequisite for the growth of the crypto market was the influx of money into BTC-ETFs. However, analysts are not ready to say with confidence that investors will decide to continue investing in riskier assets.

Despite significant risk appetite that could fuel the growth of some altcoins, the flow of funds from retail investors needed for a large-scale rally in the altcoin market is not yet sufficient, says a report from K33 Research.

Swissblock believes that “all signs point to the imminent start of the “altcoin season.” This may be confirmed by Ethereum breaking the $3,500 mark.

The increase in the price of the second largest digital currency by capitalization and the decrease in its reserves on crypto exchanges may also be a prerequisite for discussions about the approaching “alt season”. Since the beginning of the year, the price of Ethereum has increased by almost 55%.