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TL;DR
- One well-known crypto trader sold TIA, ONDO, and other holdings to chase major gains in the meme coin niche – a move that sparked both support and skepticism across the crypto community.
- Despite Bitcoin’s dominance above 64%, some analysts believe an altseason is near, with low-cap tokens such as HNT and ONDO expected to lead the charge.
Cashing Out
While talk of an upcoming altseason continues to buzz across the crypto space, popular X user Crypto Beast has decided to offload some of their bags. The trader revealed the sell-off occurred on July 7 and included the tokens Celestia (TIA), Ondo (ONDO), Ethena (ENA), Quant (QNT), and Pyth Network (PYTH).
It is worth mentioning that all of the aforementioned have posted some gains on a 24-hour scale. TIA leads the charge with a spike of around 10%, while the rest have recorded more modest increases.
The crypto enthusiast claimed the sold altcoins have utility but questioned whether this is needed in the space. “They’re good for one thing: making VCs richer,” they added.
Crypto Beast has now shifted focus to hunting meme coins with 100x potential. Some X users commenting on the post supported the decision, stressing the importance of profit-taking. Others, though, wondered why the trader would prioritize meme coins, considering the hype for these tokens had significantly reduced in the past several months.
Recall that the sector was booming towards the end of last year, with its total market cap surging past $120 billion. Currently, the capitalization stands at less than $60 billion (per CoinGecko’s data).
Was This the Right Time?
Bitcoin (BTC) continues to outperform its rivals, and as of this writing, its market dominance is beyond 64%. However, multiple industry participants believe the altcoins have yet to catch up with the biggest cryptocurrency and steal the show.
X user Chiefy predicted that the next altcoin “super-cycle” will start in July. “This time, low caps will pump 175x and ignite the most powerful altseason,” they forecasted. The analyst thinks Sui Network (SUI), Helium (HNT), Render (RENDER), Filecoin (FIL), and Ondo (ONDO) are among the top contenders for explosive rallies.
It’s worth noting, though, that SUI should not be placed in the same ‘low-cap’ category, as it’s the 15th-largest cryptocurrency with a market cap of over $10 billion.
Carl Moon – an X user with over 1.5 million followers – chipped in, too. He claimed that the altcoins “will go parabolic” once the combined market capitalization of all digital assets (excluding BTC and ETH) soars above $1.15 trillion. Currently, the figure stands well below $1 trillion.
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