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In anticipation of a possible Ethereum (CRYPTO: ETH) spot ETF approval, crypto researcher The DeFi Villain stirred excitement by reminiscing about the unprecedented bull run and 2021 alt-season, suggesting that investors might need to prepare for similar market dynamics soon.
What Happened: The DeFi Villian, aka VIKTOR, suggests "animal spirits" could soon reignite crypto markets if an Ethereum spot ETF gains approval. He recalls how Dogecoin (CRYPTO: DOGE) surged nearly 10x in a single day in January 2021, despite already having a billion-dollar market cap.
Also, Shiba Inu (CRYPTO: SHIB) was swaying between a $3 and $4 billion valuation for four months. Later, it multiplied from $4 billion to a $40 billion valuation in less than a month.
He also noted the significant growth witnessed in ThorChain (CRYPTO: RUNE) and Filecoin (CRYPTO: FIL). Polkadot (CRYPTO: DOT) also had a notable run, climbing from a $5 billion market cap in December 2020 to $56 billion after an 8x increase over two months.
Axie Infinity (CRYPTO: AXS) jumped from $200 million to $10 billion in five months, with an FDV peaking at $43 billion. The DeFi Villain emphasized that what seemed ludicrous in earlier bull runs can reoccur: BNB (CRYPTO: BNB), for example, was already valued at $6 billion only to pump 8x in 20 days to reach a $50 billion market cap.
Also Read: What Would Ethereum ETF Approval Mean For The Price Of ETH?
Why It Matters: The DeFi Villain’s thread serves as a potent reminder of the magnitudes that altcoins can achieve during a bull run. With the looming possibility of an ETH ETF, the market could see a resurgence of these sensational price movements and a potential alt-season explosion.
Warning traders to be prepared, he tweets "The final leg for meme coins is VERTICAL and BRUTAL."
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dormant Bitcoin, Ethereum, Dogecoin Whale Wallets Reactivated Ahead Of Spot Ethereum ETF Decision
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
