- Akedo surges 33.7%, MemeCore 14.24%, Beldex 8.74%, and Dash 5.2% while Bitcoin and Ethereum fall 3%.
- Akedo’s sharp rise follows its scheduled Oct. 21 token unlock of about 2.11 billion AKE, worth about $63M.
- Altcoin gains raise questions over whether the rally signals a broader comeback or speculative buying.
On October 23, 2026, the cryptocurrency market experienced significant divergence, with large-cap tokens exhibiting selling pressure while some small-cap and meme tokens rallied.
While Bitcoin (BTC) and Ethereum (ETH) fell around 3%, Akedo (AKE) led the gainers with a 33.7% surge, followed by gains in MemeCore (M), Beldex (BDX), and Dash (DASH).
The gains raise questions about why traders are buying these tokens amid a broader market selloff and whether the moves signal a potential altcoin comeback or a speculative rally.
Bitcoin and Ethereum Fall 3% as Akedo, MemeCore, Beldex, and Dash Surge
Bitcoin and Ethereum have dropped between 2.8% and 3.5% over the last 24 hours, as the broader crypto market capitalization fell by about 3%. In contrast, select small tokens and memecoins moved higher.
During the same period, Akedo jumped 33.7%, MemeCore climbed 14.24%, Beldex gained 8.74%, and Dash rose 5.2%. The divergence could be a signal of renewed buying pressure in mid and lower-cap stocks as the two biggest assets came under selling pressure.
Did Akedo’s $63M Token Unlock Trigger the AKE Price Rally?
Akedo rallied following its scheduled October 21 token unlock, which released nearly 2.11 billion tokens worth almost $63 million. But the timing does not make it clear that the unlock was the reason for the rally.
Around the release, AKE was initially under selling pressure but rallied with a few more trades. Spot trading volumes jumped to around $25 to $45M, while the open interest in perpetual futures surged, indicating greater speculative activity.
Meanwhile, rising open interest and a positive funding rate point to more bullish positioning in derivatives markets. These developments align with leveraged buying and possible short covering, though they do not confirm a short squeeze.
That said, there is insufficient evidence to determine if the recovery was due to sustained spot demand. The rebound could be a result of buying on the dips and speculative trading following the initial selling pressure. AKE’s rally will be more convincing if there is still strong spot demand and the token maintains its gains, not leveraged positions.
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Why are Traders Buying These Altcoins While BTC and ETH Fall?
Gains in Akedo, MemeCore, Beldex, and Dash suggest selective capital rotation into smaller cryptocurrencies, rather than a broad altcoin recovery. Traders appear to be targeting tokens with strong narratives and higher volatility while Bitcoin and Ethereum decline.
At press time, Akedo traded around $0.032–$0.033, had a market capitalization of about $740–$760M, and a 24-hour trading volume of around $40M.
MemeCore was trading at around $0.787 and had a 24-hour trading volume of $2.79M. Liquidity events around LayerZero and Stargate, along with renewed interest in meme tokens, appear to have supported its gains. However, its comparatively low trading volume could make the rally difficult to sustain.
Beldex is trading at $0.074 and $0.075, with mixed technical indicators and about $12 M in trading volume. Its volume also spiked at times amid ecosystem updates and migration-related activity.
Dash’s trading volume has risen to $116.07M over the past 24 hours as the price climbed to $53–$54. Its increased liquidity and dominance in the payments and privacy space may have attracted traders looking to access privacy-focused cryptocurrencies.
Overall, the moves appear to be opportunistic capital rotation and short covering, not necessarily a sign of confirmed, ongoing demand. Without broader market participation, these gains could reverse as momentum fades.
Altcoin Comeback or Speculative Rally? What Traders Should Watch Next
The gains don’t necessarily signal a broad altcoin comeback, but rather a short-term rotation of capital. Traders should monitor the sustainability of Akedo’s rally, volume, and ecosystem activity. Altcoin performance and Bitcoin dominance will also be important. Until more tokens show sustained gains, the rally remains vulnerable to reversal.
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Related: Bitcoin Price Analysis: BTC Risks Dropping Below $79K After Second-Week High Sweep
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