If you're knee-deep in the crypto world, especially chasing those wild meme token rides, you've probably heard the buzz about "alt season." It's that magical time when altcoins—everything outside of Bitcoin—start pumping harder than BTC itself. But according to a recent tweet from David Grider, Partner at Finality Capital, you might have already missed the boat... sort of.

Grider, a former heavy hitter in crypto research at Grayscale and Fundstrat, dropped this nugget on X: "Everyone that says 'Alt season is coming' because TOTAL 3 is about to break out has already missed it - Alt season has already happened in crypto equities." (source)

Let's unpack that. First off, what's TOTAL3? It's a key metric from TradingView that tracks the total market capitalization of all cryptocurrencies excluding Bitcoin and Ethereum. Think of it as the pulse of the altcoin universe, including your favorite meme tokens like Dogecoin or whatever frog-themed coin is trending this week. The chart Grider shared shows TOTAL3 sitting at around 1.093 trillion USD, up a modest 0.69% on the day but a whopping 82.39% over the past year. It's been climbing steadily, hinting at a potential breakout above the 1T resistance level.

But Grider's point isn't just about the chart—it's about where the real action is happening. He argues that while token prices might be gearing up, the "alt season" vibe has already exploded in crypto equities. These are stocks of companies tied to the crypto ecosystem, like miners (e.g., Riot Blockchain), exchanges (e.g., Coinbase), or even tech firms with blockchain plays.

To drive it home, Grider quoted a post from ZeroHedge: "Bitcoin momentum has moved fully to bitcoin equity basket, while the underlying does nothing for 4 months." The accompanying chart illustrates how Bitcoin-related stocks have been on a tear, even as BTC's price has stagnated. This suggests investors are betting big on crypto infrastructure via traditional markets, possibly anticipating regulatory green lights or mainstream adoption.

For meme token enthusiasts, this is intriguing. Meme coins thrive on hype, community, and speculative fervor, often leading altcoin rallies. If equities are the canary in the coal mine, does this mean a token-based alt season is next? Historically, stock movements in crypto-related firms can precede token booms, as they reflect institutional money flowing in. Remember the 2021 bull run? Mining stocks surged before many alts went parabolic.

That said, it's not all sunshine. Crypto equities can be volatile too, influenced by broader stock market trends, interest rates, and regulations. With the Fed's recent moves and ongoing SEC scrutiny, equities might be decoupling from tokens in unexpected ways. For blockchain practitioners, this highlights the importance of diversifying—not just across tokens but into related assets.

If you're building or investing in meme projects, keep an eye on these equity signals. Tools like TradingView (tradingview.com) for TOTAL3 charts or stock trackers for crypto firms can give you an edge. Who knows? The next big meme pump might be foreshadowed by a Coinbase stock spike.

In the end, Grider's insight reminds us: Crypto isn't just about tokens anymore. It's a full ecosystem, and sometimes the real gains happen where you least expect them. Stay vigilant, folks—the alt season train might already be leaving the station, but in the stock car.