A crypto analyst says that we haven’t seen this altcoin season because traders keep buying memecoins too early.
As crypto traders eagerly await a potential altcoin season, one analyst argued it won't unfold as most expect because new crypto traders rush to buy the most speculative assets too soon.
“The joke has been told, everybody knows the punchline, and they’ve just gone straight to the punchline, and it is just not funny anymore,” Glassnode lead analyst James Check said in an Aug. 29 episode of the Rough Consensus podcast.
Analyzing trader behavior during the 2021 bull run and comparing it to 2024, Check said traders have tried to outsmart the market by jumping straight to buying the most hyped memecoins as quickly as possible.
