Traders Get Discerning as Altcoin Season Looms

Altcoin season is coming, but traders are being more discerning than ever before. Over the past 30 days, several cryptocurrencies have seen massive gains, including PONS, which soared over 350%, and Uniswap's UNI, which gained around 110%. Other notable gainers include Arbitrum's ARB, up over 150%, AI-focused NEAR, which shot up around 180%, and privacy token Zcash, which hit a record high above $1,600.

According to Bankless podcast host David Hoffman, the common thread among these coins is their revenue-generating potential. 'They all print revenue,' he said. This suggests that the current rally may be driven by utility rather than speculation.

However, not everyone agrees. 1inch co-founder Sergej Kunz notes that over the last 30 days, memecoins have shown the strongest growth among buyers. But he also says DeFi protocols, privacy tokens, AI projects, and tokenized assets are attracting attention.