Ethereum’s recent surge has prompted speculation regarding an altcoin season, as various altcoins are experiencing substantial gains. Solaxy, Dogecoin, and Ethena emerge as prominent investment options, each capitalising on current market conditions. Solaxy aims to enhance Solana’s scalability, Dogecoin enjoys mainstream popularity, and Ethena presents a yield-generating opportunity through its ecosystem.
Increased crypto prices signal a potential altcoin season, with Bitcoin rising 5% and Ethereum surging 13% to reach $1,790, its highest price since early April. Numerous large-cap altcoins are vividly performing, including DeepBook Protocol’s 121% gain and ImmutableX’s 33% increase. Investors are now considering which altcoins to add to their portfolios, with three promising options highlighted below.
Solaxy is emerging amidst Ethereum’s recent rally, aiming to tackle congestion issues on the Solana network. Notably, Solana boasts over 80 million users and has captured growing institutional interest, exemplified by Galaxy Digital swapping $105 million in $ETH for $SOL. As Solana’s first layer 2 blockchain, Solaxy enhances cost-efficiency and transaction speeds using off-chain computation to alleviate network congestion. The project is currently in its presale phase, having raised over $31 million, positioning $SOLX for substantial growth.
Dogecoin, the recognised pioneer in meme coins, has risen 14% today, reflecting its distinction and widespread appeal among everyday investors. Supported by notable figures like Elon Musk, Dogecoin remains a popular choice within the crypto community, particularly during altcoin seasons when risk appetites heighten. Its established presence and performance indicate it could maintain attractiveness in the coming months.
Ethena, a governance and staking token that fuels its ecosystem around a yield-generating stablecoin named USDe, has gained traction with a market cap of $4.9 billion. USDe produces yields leveraging delta-neutral strategies derived from hybrid and digital asset markets. Users can also enhance yield by staking $ENA, though they must navigate potential smart contract risks. With Ethena being Ethereum-based, any bullish trends in Ethereum significantly impact $ENA, where it has already gained 19% alongside Ethereum’s 13% increase.
