If you've been keeping an eye on the crypto space, you might have caught Raoul Pal's latest tweet that's got everyone buzzing. As the founder of Global Macro Investor and Real Vision, Pal is no stranger to spotting big-picture trends in markets. His recent post on X (formerly Twitter) features a striking chart of the total cryptocurrency market capitalization excluding Bitcoin (BTC) and Ethereum (ETH). Simply put, this is the combined value of all other cryptos out there—often called altcoins—which includes the wild world of meme tokens.

Breaking Down the Chart

At first glance, the chart looks like a rollercoaster that's been building tension for years. It plots the market cap on a logarithmic scale from 2018 to projections into 2026, with a clear blue ascending trendline acting as support. Right now, as of September 2025, the value sits around $1.09 trillion, down about 36% from recent highs. But here's the exciting part: the price action has been hugging this upward-sloping line, bouncing off it multiple times like a ball in a pinball machine.

What does this mean? In technical analysis terms—think of it as reading patterns in price history—this setup screams "potential breakout." If history repeats, we could see a sharp move upward, similar to past bull runs where altcoins exploded in value. Pal's caption, "You can't help but stare at this chart... Total market cap ex BTC and ETH," captures that hypnotic quality perfectly. It's like the market is coiled up, ready to spring.

Why Meme Coins Could Steal the Show

Now, let's zoom in on meme tokens, since that's our beat here at Meme Insider. Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and newer entrants often thrive in altcoin seasons. These are periods when money flows out of BTC and ETH into riskier assets, chasing higher returns. Why? Because meme coins are driven by community hype, viral trends, and sometimes sheer speculation—making them ultra-volatile but potentially rewarding.

In Pal's chart, a breakout could signal the start of such a season. Imagine liquidity flooding into the ecosystem: developers launch new meme projects on chains like Solana or Base, influencers pump narratives, and retail investors pile in. We've seen this before in 2021, when the altcoin market cap surged, lifting meme coins to astronomical heights. If rate cuts from central banks kick in—as some replies to Pal's tweet speculate—that could add fuel to the fire by making borrowing cheaper and encouraging risk-taking.

Community Reactions and Broader Insights

The tweet sparked a lively thread, with responses from crypto heavyweights. Lark Davis called it "the calm before an absolute storm," hinting at explosive growth. Others like EGRAG CRYPTO shared even more bullish charts, while some pointed out risks like open interest in futures markets. It's a reminder that while the trend looks promising, crypto is unpredictable—always do your own research.

For blockchain practitioners, this is a cue to level up. Dive into on-chain metrics via tools like Dune Analytics or explore meme coin ecosystems on platforms like Pump.fun. Understanding these macro signals can help you spot opportunities early, whether you're building dApps or trading tokens.

As we head into the latter half of 2025, keep an eye on this trendline. If it holds and breaks out, meme coins could lead the charge in the next wave of crypto innovation and gains. Stay tuned to Meme Insider for more breakdowns on how these big-picture views impact your favorite tokens.