A widely followed crypto analyst and trader believes a memecoin is headed for the next leg higher.

Pseudonymous crypto trader Altcoin Sherpa tell his 216,400 followers on the social media platform X that Pepe (PEPE) market fundamentals appear solid.

“PEPE: I never got a chance to add $0.00001111, but I’m still in it. He seems pretty strong. I’m still a big fan of memes in general.”

Source: Altcoin Sherpa/X

Pepe is trading at $0.00001128 at the time of writing, down 8% in the last 24 hours.

Then the analyst said Ethereum (ETH) rival of Solana (GROUND) has greater upside potential due to network activity.

“SOL: Go long on Solana. Why? Because SOL memes continue to take off and everyone is denominated in Solana. Being in the trenches of crap money really helps you understand this stuff better. I expect a pullback soon, but this would be the bottom to buy in my opinion.”

Source: Altcoin Sherpa/X

Looking at the analyst’s chart, he suggests that SOL could eventually reach $205.

Solana is trading at $166 at the time of writing, down 6.7% in the past 24 hours.

Finally, the analyst said that Bitcoin (Bitcoin) appears to be in an uptrend but could retest the $63,000 level.

“BTC: Price still looks pretty strong to me. If you really want a dip to get in, look for $63,000 around the 200 four-hour exponential moving average (EMA). For now, things should continue in my opinion.”

Source: Altcoin Sherpa/X

At the time of writing, Bitcoin is trading at $64,596, down nearly 2% in the past 24 hours.

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Bitcoin has recovered most of its losses from the week as traders eagerly await former U.S. President Donald Trump’s appearance at the Bitcoin 2024 conference in Nashville, Tennessee. Interestingly, Bitcoin gained over 1% today as Trump appears to have changed his stance on digital currencies this election cycle.

Analysts Buzz About Altcoins said that this week, crypto whales have been quietly accumulating several altcoins, showing confidence in their short-term potential despite recent performance declines. Here are the top altcoins:

Arbitration:

Current price: $0.72

Whale activity:Despite its significant decline since the start of the year, Arbitrum has seen an 87% increase in net inflow from large holders over the past week. This suggests that whales believe in the token’s long-term potential. Arbitrum, a Layer 2 scaling solution for Ethereum, aims to improve transaction speeds and reduce costs on the Ethereum network. The recent accumulation of whales could indicate confidence in its technology and future adoption.

XRP:

Current price: $0.59

Whale activity:According to Santiment, the number of addresses holding between 100 million and 1 billion XRP tokens has increased since July 23. This shows that the supply has increased from 38% to 40%, which is a sign of growing confidence among large holders. XRP has benefited from recent legal victories and market sentiment, making it an attractive option for whales.

Cardan:

Current price: $0.41

Whale activity:Cardano saw a staggering 10,878% increase in large holder inflows in a single day, surpassing the 5 billion mark. This indicates a significant level of confidence among whales in ADA’s recovery potential. Cardano’s recent upgrades and continued development have been positively received by the market, contributing to its attractiveness.

Chain link

Current price: $13.55

Whale activity: Chainlink recently integrated its Cross-Chain Interoperability Protocol (CCIP) with TrueFi on the Ethereum and Arbitrum blockchain platforms. TrueFi, backed by Coinbase and Chainlink, provides transparent and real-time financial data, improving the decentralized finance (DeFi) ecosystem. This integration could drive increased adoption and usage of Chainlink, making it a popular choice among whales.

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The rebound in altcoin market cap to $1 trillion slightly changes the positive dynamics for the much-anticipated altcoin season in Q3 2024.

Bulls took control of today’s session, pushing the total cryptocurrency market cap to $2.39 trillion, up 4% in 24 hours at press time. Total trading volume stands at $82.2 billion, up 4.4% in 24 hours, at the time of writing.

The Ethereum ETF was supposed to be the flagship of the altcoin season, but the response so far suggests nothing in its favor.

Altcoin market cap is moving in a flag pattern, a steady rise above $1.56T could trigger the altcoin rally and lead to the altcoin season with favorable market conditions.

Ethereum ETF Potential Stabilizes

The Ethereum ETF got off to a strong start with $1 billion in trading volume on its first day with massive inflows and outflows. This activity attracted a lot of money to Ethereum but failed to circulate among other altcoins.

With the launch of Ethereum, market sentiments were poised to trigger the altcoin season, but the cooling volume of the ETH ETF and the distributed interest in the BTC ETF could not muster enough power.

While the price of Ethereum (ETH) is yet to react, experts predict that the price will see a massive surge between $4,000 and $7,000. At the time of writing, ETH is trading at $3,271 with a 24-hour growth of 3.08%.

Altcoin Season Indicator Kills All Hopes.

The required demand for the altcoin season has not been met by the cryptocurrency markets and this can be seen in the Altseason Season Index indicator which is below the threshold of 25.

A push above 75 will mark the start of altcoin season.

Source Blockchain Center

Furthermore, analyzing the performance of the top 50 assets in 90 days shows that only 11 of them have outperformed BTC.

To kick off the official altcoin season, at least 75% of assets must outperform Bitcoin.

An increase in inflows and the return of investors in September and October could potentially trigger the altcoin season we have all been waiting for.

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Crypto consumers around the world got excited about the launch of Ethereum spot ETFs! In fact, that wasn’t the case.

Many crypto watchers expected this week to be as hot as the summer season for cryptocurrencies and tokens. After all, the man who could be our next vice president is a well-known crypto advocate (and former venture capitalist), and a new financial instrument tied to a prominent cryptocurrency has debuted.

But somehow the stars didn’t align, and for the most part, the altcoin market crashed. Both utility and meme cryptocurrencies fell during the period, according to data compiled by S&P Global Markets Insights. Yourcoin (TONNE 0.78%), for example, fell by almost 8% over the week, while Peas (POINT 1.62%) and Shiba Inu (SHIB 3.42%) did not do much better, with losses around 7%. Grandpa (PEPE 2.99%) fell by 6%.

Are Hopes for a Cryptocurrency Ally Fading?

That high-profile crypto fan is, needless to say, Republican vice presidential nominee JD Vance. News of his rise to the bottom half of that party’s ticket has crypto fans excited; if Vance and running mate Donald Trump win, the cryptocurrency industry could have a pretty powerful advocate firmly ensconced in the White House for several crucial years.

The excitement faded with Joe Biden’s announcement that he would not seek reelection. Vice President Kamala Harris confidently stepped up to the plate, and at least initially seemed to have a strong sense of purpose and savvy for the vice presidential job. At the same time, doubts seemed to be growing about Vance’s suitability as a No. 2 candidate. This naturally made crypto enthusiasts less enthusiastic about the upcoming election.

This should have been at least somewhat mitigated by the kick-off of Ethereum place exchange traded funds (ETFs). After all, when Bitcoin ETFs were launched earlier this year and sparked a surge in interest in the leading cryptocurrency. This made perfect sense, as a crypto spot ETF is an elegant way for an investor to put money into such assets without having to own them directly.

Of course, few people expected such a craze for Ethereum ETFs. These instruments are no longer a novelty, and Ethereum does not have quite the fame and fascination of its big brother. Still, like Bitcoin ETFs, the Ethereum variant offers the market a quick and easy entry into the currency. And Ethereum is a more versatile instrument than Bitcoin and has more potential, in my opinion, so it is quite surprising that the new ETFs have not been more successful.

Perhaps it’s “crypto ETF fatigue,” or perhaps many investors are only interested in these instruments if they have “Bitcoin” in their title.

Signs of life at the end of the week

That being said, heading into Friday afternoon, there seemed to be something of a rebound in Cryptoland. Bitcoin recovered from the bottom and many altcoins also gained (like Ethereum, which by early evening was up 3%). This may be the start of a new bull run now that the market is recovering from the Harris Effect and the damp squib of the Ethereum ETF launch.

Next week is sure to be an interesting one in the cryptocurrency market; watch this space for more.

Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool recommends TON. The Motley Fool has a disclosure policy.

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