It's funny how a meme can be worth billions of dollars; this can only happen in crypto. Altcoins are pumping hard today, and Dogecoin is leading the way. We hope the pump will continue, though.
Why exactly are the Altcoins pumping, and which of them should we watch out for this Altcoin season as the pump continues.
There are several reasons regarding the altcoin pump; the first reason has to do with the Gamestop drama.
Hedge fund managers have been calling major brokers like Td Ameritrade, Schwab, Robinhood, who then shut down trading for some of the most popular stocks trading on the market right now, including Gamestop, AMC.
This move is very transparent, but it enraged other investors, making them now move on to pump other assets listed on Robinhood, including Dogecoin, which hit a new all-time high today after pumping by about 500% in a few hours.
Dogecoin is the secret to altcoin season because dogecoin by many is seen as something like an altcoin oscillator, so when Dogecoin pumps, other altcoins tend to follow suit. The irrational pump of Dogecoin shows that there is plenty of money sitting on the sidelines waiting to come in hard to altcoins, the pumped billions into Dogecoin today.
It is funny how Dogecoin is a meme coin now worth Billions of Dollars. There's a possibility that this thing will like a rock as soon as the hype dies down in a day or two. Even if the coin pumps a bit more, this is a high-risk time to be trying to play that game.
Another reason why a significant altcoin pump is coming soon is that it has been confirmed that Grayscale has files five new trusts today on our favorite altcoins, so Polkadot, Cardano ADA, Aave, etc. Grayscale does already list many ransom altcoins that don't get interest from investors, altcoins like Horizon, Z Cash, Stellar Lumens.
All of these Grayscale trusts are below 25 million dollars in the total asset, so the Grayscale effect for the coming altcoins is uncertain, but all of the altcoins on Grayscale are low hyped, the new listens are highly promoted.
The final reason is all thanks to Bitcoin; it has been moving up and down; on the bright side, it's having a good day today, but if we're sincere, it has just been asleep over the last few weeks, it is still technically in a downtrend. This kind of slow down and momentum for Bitcoin gives altcoins the room and opportunity to breathe while Bitcoin's dominance goes down.
