Cardano founder Charles Hoskinson has provided insight into when the altcoin season will likely begin. So far, Bitcoin has continued to lead the way, but that could change soon enough based on Hoskinson’s claim.
It Is Officially Altcoin Season When This Happens, Cardano Founder
Hoskinson mentioned in an X (formerly Twitter) post that it is officially altcoin season when Dogecoin (DOGE) flips Cardano (ADA). The Cardano founder’s post is significant, considering that ADA and DOGE are going head-to-head, with both tokens presently ranking as the 8th and 9th largest tokens by market cap.
The altcoin season (going by Hoskinson’s belief) may have already kickstarted since DOGE momentarily surpassed ADA in market cap on March 5. However, the meme coin quickly dropped below ADA once again following Bitcoin’s sharp correction, which led to a downtrend in the broader crypto market.
Despite that, it might not be long before DOGE’s market cap again surpasses ADA’s. Moreover, the meme coin has outperformed ADA in the last seven days and could see a further price increase soon enough, potentially leading to it flipping ADA.
Hoskinson’s statement also suggested that he closely monitors the charts since DOGE wasn’t always behind ADA. However, the Cardano founder revealed that he has those who remind him when the “Doge comes roaring”, possibly referring to the DOGE community.
ADA risks being overtaken by not just one but two meme coins, with Shiba Inu (SHIB) currently ranked 10th with a market cap of almost $23 billion. If the SHIB run continues, it won’t be long before SHIB overtakes ADA. The DOGE community will also be wary that the foremost meme coin could soon lose its crown to SHIB as the most valuable meme coin.
Meme Coins Are Making A Statement
Meme coins have, of late, been leading other altcoins in terms of gains made. This has seen several meme coins flip ‘utility tokens,’ something that might displease persons like Ripple’s CEO Brad Garlinghouse, who do not believe that meme coins have a place in the crypto ecosystem.
At the helm of this meme coin season are Solana-based meme coins. Specifically, WIF has gone from below the $1 mark to as high as $2 in under two weeks. As a result, it has climbed up the ranks (currently 54th) and is just four spots shy of entering the top 50 crypto tokens by market cap.
Solana’s foremost meme coin, BONK, has also made a run of its own and has risen into the top 50 crypto tokens by market cap, sitting in 49th position. Myro is another meme coin that could join the ‘billion market cap’ club soon. Binance recently listed it on its futures platform, and it might not be long before it gets listed for spot trading.
ADA price at $0.717 | Source: ADAUSD on Tradingview.com
Featured image from The Crypto Basic, chart from Tradingview.com