“Good Tech” Leads Altcoin Bounce

There appears to be a changing of the guard in the altcoin market, which is being led by alternative Layer 1’s, AI, and gaming tokens, as opposed to just memecoins.

Over the last week, TIA and SUI are up 25%, FTM is up nearly 15%, and XRP and TAO are up roughly 10%.

Throughout 2024, memecoins such as PEPE, WIF, and POPCAT have been the first to catch bids on market bounces, but the recent strength in infrastructure tokens indicates a potential market shift.

Token Catalysts

A series of recent announcements and upcoming activations are also catalyzing the rally.

SUI, just announced a partnership and equity stake in MoviePass, a subscription based ticketing service which recently surpassed one million movies viewed on its new platform.

Grayscale, one of the largest crypto investment firms by assets under management (AUM), launched its XRP Trust on September 12, enabling greater institutional exposure to the XRP token.

Bittensor (TAO) released more information on the network’s upcoming smart contracts, childkeys, and potential EVM compatibility on September 15.

Fantom is fresh off the testnet launch of its rebrand to Sonic Labs, and is currently running an incentives program for their “Sonic Gems”, which are set to receive 37.5% of its upcoming airdrop.

TIA’s “bullish unlock” narrative is starting to catch steam as notable investors such as Chris Burniske continue to beat the drum. Recently Burniske took to social media and said “If I had to guess, overcrowded $TIA shorts continue to get blown out as crypto develops momentum, and short trade is too crowded at this point, making the funding rate unsustainable (shorts still paying nearly 300% annualized).”

Meanwhile, on the memecoin front, despite the strength of the general altcoin market, POPCAT is up 8% over the last week, while PEPE is down 2.5%, and WIF has dropped 8% over the same period.