©Reuters. From cryptography controversy to dogwife hat love: Raul Pal welcomes 'alternative season' dominated by dogs in hats: 'Forget your head and have fun'
Benzinga – Renowned Cryptocurrency Guru and Real Vision Group CEO, Raul Pala humorous take on the current altcoin season, touching on trending cryptocurrencies, dogwifat (cipher: WIF).
what happened: On Sunday, Pal tweeted about his changing perspective on cryptocurrencies, from a deep discussion of blockchain technology to a somewhat whimsical embrace of the latest meme coin trend. “My crypto timeline has gone from halfway through the discussion of what is good blockchain technology to, 'Damn, the dog in the hat!'” he quipped.
My crypto timeline has gone from halfway through the discussion of what is good blockchain technology to a discussion of “Damn, it’s a dog in a hat!”
Welcome to Alternative Season.
Lay your head down and enjoy (but the same rules apply, don't let your degen bag be your main bag) #DFTU
— Raoul Pal (@RaoulGMI) March 3, 2024
The coin in question, Dogwifat, recorded a staggering 361.59% gain in one week. Pal’s support for this coin reflects the speculative nature of the current cryptocurrency market and the massive popularity of meme coins.
He advised his followers on X (formerly Twitter) to “get out of your head and enjoy” the current excitement, but to be wary of “alternative seasons.”
SEE ALSO: Pepecoin Outperforms Dogecoin, Shiba Inu, Floki, Expert Says 'It Will Compete Against Pepe'
why is it important:Pal's tweet came in the wake of a prediction by BitMEX co-founder Arthur Hayes, who believes Dogwifat could reach $2. It was a profitable week for cryptocurrencies in general, with Bitcoin leading the way with a weekly gain of 19.5%, according to data from CoinMarketCap.
Analyst Blunts Capital predicted the following for X: Solana (CRYPTO: SOL) based meme coin Dogwifhat will surpass at least two meme rivals.
Dogwifhat briefly surpassed Bonk to become Solana's top meme coin, with both tokens having a market cap of around $1.6 billion. Other traders, including Solana influencer Anthem and former Goldman Sachs executive Pal, echoed the bullish view, citing a memecoin supercycle and increased liquidity for smaller cryptocurrencies. He predicted the start of “Alternative Season.”
The coin's popularity has skyrocketed even more since it was listed on Robinhood's European platform, with its value increasing by 27% in one day.
Price action: At the time of writing, WIF was trading 5.3% higher at $1.57. Dogwihat's 24-hour trading volume increased by 46.2% to $406.3. a million.
Photo credit: Shutterstock.com
Read next: Welcome to the “Memecoin Supercycle”: Ivan’s Mad Cryptocurrency
Designed and edited by Benzinga Neuro
Shivdeep Dhaliwal
The GPT-4-based Benzinga Neuro content generation system leverages the extensive Benzinga ecosystem, including native data, APIs, and more, to create comprehensive, timely stories.
learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
