A decline in Bitcoin dominance after the Ripple ruling — and a rising Nasdaq — may indicate the onset of an altseason in Q3.
One analyst suggested the XRP ruling could instigate another memecoin rally."If the sale of XRP, a token issued by a centralized entity on an open market, does not constitute the sale of a security, then this can only be positive for true community memecoins." Hugh Eggar, web3 consultant at The Egg Consultancy, told The Block. Eggar believes memecoin value is chiefly determined by the strength of the communities that rally behind them rather than the efforts of a centralized team.
As altcoin trading volumes rise, he expects memecoins to see some of that capital flow, despite their high-risk nature."If volume in alts really does begin picking up, it is likely — as always — that those taking profit will roll some of their capital gains into assets further down the risk curve," he stated.
Gordon Grant suggested a memecoin rally could follow a rise in altcoins but that there would be a lag."As long as there is liquidity in the crypto ecosystem, memes always have that potential, but they take time to manifest those gains," Grant added. Eggar isn't optimistic about a sudden resurgence of once-popular memecoins, citing lingering negative sentiment and burdened investors as deterrents. "The vast majority of these coins will fail before getting above even $1 million market cap as the sector is rife with a lack of transparency, greedy devs, and traders with bear market PTSD," he cautioned.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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