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ToggleAltcoin Rally Proved Short-Lived
According to CoinMarketCap data, Dogecoin (DOGE) and XRP had risen roughly 19% over the two weeks leading up to August 13. However, both cryptocurrencies lost most of these gains, declining about 11% over the past seven days.
Crypto economist Alex Krueger questioned on X whether the brief surge in searches was organic or driven by bots, noting that the dramatic and short-lived spike raised concerns about the reliability of the data.
Search Trends and FOMO
Crypto traders often track search trends for terms like “alt season” and “Bitcoin” to gauge retail interest and potential FOMO. These trends can sometimes indicate that the market is approaching a local peak.
However, some analysts are now questioning how meaningful these metrics really are. Crypto analyst Cristian Chifoi pointed out that the term “altcoinseason” was recently promoted by major exchanges like Coinbase, which may have contributed to the spike in searches.
David Duong, Head of Global Research at Coinbase Institutional, stated in the monthly outlook report:
“We believe current market conditions indicate a potential shift toward a full-scale altcoin season as we approach September.”
Chifoi added that he is unsure if this remains a reliable market indicator. Other traders noted that spot Bitcoin, Ethereum ETFs, and publicly traded crypto companies now provide investors with alternative ways to take on risk.
Is the Altcoin Season as Strong as Before?
The sharp drop in altcoin-related searches suggests declining retail interest and reduced FOMO. Even as Bitcoin continues to climb, the short-lived altcoin rally highlights that investors are acting more cautiously and monitoring market trends closely.
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