In the second week of September, the Altcoin Season Index reached 80 points and officially entered the acceleration phase. This is the stage where capital often flows into low-cap altcoins, even if there are no major news events.
On-chain data shows that some altcoins with market capitalization below $200 million have experienced a sharp decline in exchange reserves. This usually indicates an increase in accumulation.
1. Euler (EUL)
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Euler (EUL) is Ethereum’s unlawful, permitted lens lending protocol. The project was launched in 2020 and raised $40 million from VCSs such as Paradigm and Coinbase Venture. In 2023, the protocol suffered hacks, causing a loss of $200 million.
According to Coinmarketcap, the token’s current market capitalization is $181 million. The recent list on Bithumb has attracted a lot of attention from retail investors.
Santiment data shows that the September 5 list caused a sharp drop in exchange reserves, dropping to the lowest level in a year. Since its peak in August, there is only 289,000 EULs, meaning that over 500,000 EULs remain.
Additionally, the protocol’s locked total value (TVL) reached a new high in September, exceeding $1.5 billion. Defillama data shows that TVL has increased tenfold since the start of the year.
This means that the protocol’s TVL is more than seven times its market capitalization. Investors may view this as a bullish indicator that contributes to a sharp decline in exchange reserves.
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“We can’t do many protocols after a $200 million hack. But we need to give it to Euler Finance for an insane comeback journey,” commented investor Anze.
2. COTI
COTI is Ethereum’s fast, lightweight, confidentiality layer. We implement highly sophisticated and compliant solutions for public blockchain data protection.
COTI’s market capitalization remains below $120 million. The token price performance is unshiny and has fluctuated by around $0.05 over the past three months.
However, recent data shows that replacement spares have dropped sharply over the past two days, reaching 812 million tokens, close to low-range annually.
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The chart reveals long-term downward trends in exchange reserves, reflecting price declines. Lateral movements over the last few months have further supported the idea of ​​continuous accumulation.
If capital turnover during this Altcoin season is rolled out as expected from analysts, low-performing tokens like COTI could attract new attention.
Meanwhile, COTI’s TVL spiked in July, with over 8 million tokens locked, worth nearly $5 billion.
3. Robonomics Network (XRT)
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Robonomics Network has earned a spot on this list due to growing interest in combining robotics with tokens. Experts hope that the sector will become a strong candidate for the 2025 Altcoin season.
“Crypto X Robotics is a retail bet on what could become the biggest and most destructive secular growth trend we’ve ever seen,” Simon Dedic predicted.
Robonomics Network is a suite of open source packages for robotics, smart cities and industry 4.0 developers. XRT has a very low market capitalization, under $10 million and low trading volume, making it extremely dangerous.
However, the Santimento data suggest a positive outlook. The token price has been held at about $2 since the start of the year, even if the exchange reserves rise. By September, the reserves began to decline from their peak, suggesting that accumulation would be renewed.
Some investors believe that if the robot sector immediately attracts more attention, XRT could increase by 100 times.
