Crypto Paradox: Meme Coin Frenzy Defies Altseason Logic

• PNUT has surged a massive 3,000% in the past month.
• XRP is back above $1 price level while surging 101.97% in the past week.
• HBAR has surged 40.95% in 24 hours while surging 120% in the last week.

Meme coin Squirrel the Peanut (PNUT) has exploded over 3,000% in the past month, while altcoin XRP surged 113.82%. But one analyst says the altcoin season hasn’t even started yet.

In a post on X, Altcoin Buzz noted that only 5 of the top 100 digital assets by market capitalization have increased over 100% in the last 7 days. These include PNUT, XRP, Hedera (HBAR), Mantra (OM), and Stellar (XLM). Meanwhile, Bitcoin is approaching its all-time high.

As per CoinMarketCap data, Bitcoin is trading at $91,642.13, up 1.25% in the past 24 hours while altcoins were also green. XRP rose 10.17% and is finally back above the $1 price level, currently trading at $1.17, up 101.97% in the past week, reaching a market cap of $66.56 billion. Meanwhile, PNUT is trading at $1.66, up 1.57% in the past day. In the last seven days, the altcoin has surged 354.29%, claiming a market cap of $1.66 billion.

HBAR, OM, and XLM Form an Uptrend

HBAR has surged 40.95% in the past 24 hours and trades at $0.1208 with a market cap of $4.55 billion. In the past week, the cryptocurrency has surged 120.29%, while rising 129.51% in the past 30 days. Further, at the time of writing, OM is trading at $4.19, up 26.91% in the past day. The altcoin has achieved a market cap of $3.77 billion after a 201.61% increase in price in the past 30 days. 

Read also: Meme Coins Surge in Popularity; Dominate Crypto Rankings

Finally, XLM also outperformed the broader digital asset market in the past week, surging 22.23% in the past 24 hours and trading at a price of $0.2482 with a market cap of $7.43 billion. Also, the altcoin has printed a substantial gain of 156.23% in the past 30 months.