The current push for altcoins is mainly due to the momentum and liquidations in the leveraged futures market.
It's very rare for altcoins to generate real Spot demand like $VIRTUAL or $KAITO did recently!
Take the chart of $SAROS as an example; there are really very few investors holding this spot. Those who received the airdrop have long sold out, yet the chart is still being pushed up because the big players and market makers hold a large portion of the supply!
Meanwhile, retail investors look at the chart and then go short, trying to catch the peak, which creates momentum for market makers to push the price up strongly.
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