The cries are loudening for a potential “altseason” as Ethereum (ETH) nears the $4,000 threshold, but Cardano creator Charles Hoskinson has provided insights into when the altcoin season will truly kick off.
Altseason Starts When DOGE Flips ADA, Hoskinson Reveals
On March 6, the price of ether hit an intraday high of $3,870. The last time the asset traded above $3,800 was in December 2021. The price action has seemingly led many spectators to think an ether bull market is nigh, fueled by the incoming Dencun upgrade and potential spot ETH ETF approval, while others have declared that altcoin season has already returned to the crypto market.
However, according to Charles Hoskinson, it is officially altseason when Dogecoin (DOGE) overtakes Cardano (ADA). Hoskinson’s view is noteworthy, given that ADA and DOGE are going toe-to-toe, with the crypto assets currently ranked as the 9th and 10th, respectively, on the crypto leaderboard.
Based on the Cardano founder’s statement, the altseason may have already commenced as DOGE briefly flipped ADA in market value on Wednesday. However, the OG canine-themed cryptocurrency swiftly plunged back behind ADA as Bitcoin saw a snap retracement from $69,200 highs.
Nonetheless, DOGE’s market capitalization could soon surpass that of ADA as the meme coin has actually outperformed Hoskinson’s pet project in the past week and could enjoy a further price appreciation. Over the last seven days, DOGE’s price has soared over 15.2%, beating ADA’s 10.9% rise.
Meme Coin Mania
Meme coins have been part and parcel of the crypto sector since the launch of Dogecoin back in 2013, with massive fortunes made and destroyed in equal measure. These non-serious tokens have been in focus since late February amid a BTC-led upsurge. They are considered a way to bet on the maturation of a blockchain network, as they are believed to be more retail-friendly and much simpler for new investors.
Direct DOGE competitor Shiba Inu (SHIB) has gained an eye-popping 200.7% over the past week, while frog-themed Pepecoin (PEPE) gained 152.3%. Meanwhile, Solana-based Dogwifhat (WIF) jumped by 164.2% over the same timeframe, as per CoinGecko data.