The alternative cryptocurrency (altcoin) market continues to show thin participation, despite isolated rallies in specific tokens. The “Altcoin Season Index” sits near 24, a figure indicating the market is still led by Bitcoin trends and that gains in other cryptos are selective and event-driven.
Today’s session is marked by a significant policy headline that has overshadowed other movements. Investors are evaluating whether this friendlier policy tone can change the trajectory for altcoins or if it is just a brief pop within a “cautious October.”
WLFI Surges on Potential CZ Pardon News
The main story is WLFI rising on the CZ pardon. The WLFI token is trading near $0.14, posting an 11% gain in 24 hours, accompanied by a notable 210% increase in trading volume. This momentum is a direct response to reports of an alleged pardon issued by President Trump to Binance co-founder Changpeng Zhao (CZ).
Markets have interpreted this decision as a very positive event for the industry, reducing perceived regulatory risk and improving the odds of more favorable enforcement in the future.
Isolated Gains in Morpho and SPX6900
Although the news about WLFI rising on the CZ pardon grabbed the headlines, it wasn’t the only token in the green. Morpho (MORPHO) advanced 8%, reaching $2.0, thanks to consistent usage of its vault and lending strategies, with week-over-week improvement in supply and borrowing.
Meanwhile, the meme token SPX6900 rose 7%, trading near $1.0. “Memecoin” baskets often attract flows when traders seek liquid, high-turnover pairs during market relief windows.
Analysts warn that participation remains narrow. WLFI’s next phase will depend on whether the current enthusiasm transitions into sustained participation. Meanwhile, Morpho must maintain its utilization levels, and SPX6900 needs to break through the $1.05-$1.10 zone to confirm a continuation of its trend.
If these structural signs do not improve, rallies are likely to remain brief episodes tied to immediate catalysts rather than lasting market conviction.