The Altcoin Season Index has remained steady above 70 this month as many tokens continue to beat Bitcoin. This trend could continue in the coming months as the Federal Reserve slashes interest rate cuts and the Securities and Exchange Commission approves numerous altcoin ETFs.
Altcoin Season Index is Solidly Above 70
The Altcoin Season Index has jumped in the past few months as many tokens have outperformed Bitcoin, which has stalled below $120,000.
This season is being led by tokens like MYX Finance, MemeCore, Aster, Pudgy Penguins, OKB, Story, and Mantle.
There are three main reasons why the altcoin season has more room to go in the coming months.
First, the fourth quarter is usually the best-performing one for the crypto market. Data compiled by CoinGlass shows that the average Bitcoin return in the fourth quarter is about 85%. Ethereum and other altcoins also tend to jump during the quarter.
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Second, the fourth quarter coincides with a period when the Federal Reserve is cutting interest rates. Officials slashed rates by 0.25 on Wednesday and hinted of two more this year. Rate cuts will devalue the dollar, lower bond yields, and stimulate a risk-on sentiment.
Third, the Securities and Exchange Commission has put October as the final deadline for approving several altcoin ETFs like Solana, XRP, and Hedera Hashgraph. Crypto investors believe that the agency will approve most of these ETFs, which will bring in more inflows, boosting their prices.
Asian Whales are Buying New Meme Coin
Meanwhile, the ongoing altcoin season is attracting more Asian crypto investors to Pudgy Pandas, a new meme coin that launched its token sale on Monday.
PANDA is going viral in many Asian countries, and is one of the most trending cryptocurrencies on social media platforms like Weibo and WeChat in China, Line in Japan, and Kakao in Japan.
One of the top reasons why it is going viral is that it is based on panda, a highly beloved rare animal in the region. Data shows that there are less than 2,000 pandas, making it rarer than other animals with their cryptocurrencies like Shiba Inu, Pudgy Penguins, and Floki.
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PANDA token is also going viral because some investors are comparing it will Pudgy Penguins, which also went viral and is one of the top tokens leading the altcoin season index this year.
Unlike many other token sales, Pudgy Pandas has a specific listing timeline. The token sale will run in the next 30 days and then it will be listed immediately. This is different from other token sales that go on for months.
At the same time, earlier buyers are getting the token at a discount, with the current price of $0.021 being much lower than the eventual listing price of $0.605.
Also, most of these tokens have been allocated to the community, with the team receiving just 2% and the panda birth initiative receiving 10%.
Pudgy Pandas has become a major hit in Asian countries, and analysts estimate that it will gain momentum once American and European investors get on the bandwagon. Hurry up and buy Pudgy Pandas here.
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