Dogecoin skyrockets 120% and if history repeats itself, the surge could be beneficial for other altcoins as history shows us. There’s a correlation between Doge and altcoin pumps and alt-seasons as we can see in the analysis of our Doge news.
If history is any indicator, as Dogecoin skyrockets 120% it could be a perfect sign for all remaining altcoins after the recent spike of the meme coin that started as a joke. Despite not being high up the market cap ladder, DOGE is one of the most popular assets and is usually mentioned by one of the most popular businessmen Elon Musk. He even changed his Twitter handle to “Former CEO of Dogecoin.”
Meme coin or not, the crypto asset generated serious profits for the investors in the past few days and it even marked a low of around $0.0046 but today it hit $0.0115, marking a 120% increase in less than a day. Most of the other altcoins are losing value against BTC since it increased by 10% and broke the $33,000 price point. However, DOGE beat the primary cryptocurrency and recorded a 95% ROI against BTC. Whenever the price for the coin increased it was usually a sign that the altcoin season is around the corner.
Spikes in DOGE’s price coincided with subsequent increases on the altcoin market which was true in the past few crypto market cycles. For example, back in July 2020, DOGE surged from $0.0022 to $0.0055 in a few days, charting an increase of 150%. This happens at the start of the month and what followed was quite interesting. In two months, Bitcoin’s market dominance dropped by 10% after DOGE’s pump which means that altcoins were having a blast which is why August was considered to be the recent altcoin season.
It is important to note that the past performance is not indicative of future behavior but the altcoins were struggling against BTC as the main cryptocurrency increased to a high of over 70%. If BTC sees some consolidation, DOGE’s pump could be a precursor to an incoming altcoin season.
As we reported a day ago, DOGE became the best-performing crypto asset in the top 100 by market cap and saw some strong volume figures on the rally with there being more than $700 million worth of crypto assets traded over the past day. Dogecoin’s rally shocked plenty of investors and there were some proponents of the Ethereum Classic on Twitter saying that the ETC was primed to turn Dogecoin in terms of market cap.
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