I don’t think Billy Markus and Jackson Palmer could have ever imagined they were about to spawn a new sector of meme currencies when they created dogecoin as a joke back in 2013. It may have started as a joke but the people laughing back then are probably crying now that they have missed the opportunity to buy thousands of dogecoin for a few dollars, instead of a few hundred dollars.

By now, everyone who is even slightly interested in crypto has heard the stories of people making millions after some unsuspecting meme coins exploded over the past few months with some having gains of over 100,000% (we’re looking at you Safemoon). Safemoon was not the only coin that was making strides however. It was also bringing along its gang of dog coins

• Dogecoin, +14,000% over 1 year
• Shiba Inu +500% over 30 days 
• Kishu Inu +1100% over 30 days

It is hard to see these kinds of gains when you’ve been doing the smart thing and keeping to the more reputable crypto currencies like BTC and ETH especially after the market crash we have had over the past week. It’s because of this we see more and more people itching to try and buy into the next big coin that they think is going to be their ticket to the moon.

With this we see people fueled with a deadly combination of FOMO (fear of missing out) and regret, at not buying in on the last 100x coin, are on the hunt for the next low market cap coin to turn their dollars into diamonds. But it would take a god tier hunter to be able to find the next big coin, in the sea of shitcoins released to the public on a daily basis. We have coins ranging from Elonmoon to KimJungMoon and there is even a literal Shitcoin ($SHIT)

Is it Sustainable?

That is the main question to ask here. Having missed out on any 100x gains myself I would like to think that the altcoin season is not over yet. However, as always in the world of crypto the most important thing to do before investing is research. Even if a very well-spoken stranger links you to the next 100x $DefiantlyNotaScamCoin on telegram, you have to do your research.

How Much Money is Going into Altcoins?

When trying to see the amount of new money that is being invested into altcoins and new crypto projects it can be useful to check the BTC dominance chart. This measures how much of the total crypto currency market cap is taken up by BTC. Since the beginning of 2021 we saw BTC dominance have a steady decline from 70% to a low of 40%. During this time we also saw the price of BTC raise quite dramatically. This is usually an indicator of a strong altcoin season which was most likely how it was possible for us to see the amazing 100,000% gains as investors moved there money from BTC into smaller market cap coins.

BTC dominance broke its yearly downwards trend after its price briefly fell to $30k last week. Now with BTC price and dominance on a steady rise it is beginning to look like the end of altcoin season. This may not be good news for those of us that are on the lookout for the next big coin, so as always do not invest what you can’t afford to lose and do your own research.

Peace.

Hamezio