That's because the rise of ETH and other tokens isn't driven by on-chain liquidity, but rather by the manipulation of stocks and tokens.
Creating a few companies like SBET, BMNR, and WINT to speculate. It's easier to pull up stock prices than token prices; you can raise the token price by boosting the stock price, and then use the company to issue convertible bonds to buy tokens. ETH can also provide futures premiums, encouraging arbitrage to buy spot.
Don't underestimate it—stepping on the left foot while stepping on the right foot can keep the game going.
But none of this has much to do with the altcoin season.
Although Ethereum is at 4000, the anticipated altcoin season has not yet arrived,
because the real altcoin season always starts with true innovation.
The altcoin season of 2017 began with the ICO of The DAO in 2016, the first borderless decentralized DAO ICO.
The altcoin season of 2020/2021 started with the DeFi summer of 2019, which was initiated by Aave and Uniswap launched in 2017/2018. They were the first to achieve user-friendly lending (leverage) and trading on-chain.
I don't know when this altcoin season will start, but I believe that a groundbreaking altcoin season requires groundbreaking innovation to kick off.
36.56K
45
The content on this page is provided by third parties. Unless otherwise stated, OKX TR is not the author of the cited article(s) and does not claim any copyright in the materials. The content is provided for informational purposes only and does not represent the views of OKX TR. It is not intended to be an endorsement of any kind and should not be considered investment advice or a solicitation to buy or sell digital assets. To the extent generative AI is utilized to provide summaries or other information, such AI generated content may be inaccurate or inconsistent. Please read the linked article for more details and information. OKX TR is not responsible for content hosted on third party sites. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition.