Dogecoin Is Cementing Alt Season, Here’s How

Since its debut in 2013, Dogecoin has continued to grow as the poster child of altcoins. As it gained popularity, it quickly became synonymous with wild price pumps because of its small value and concentrated holdings.

According to

Doge starts altseason by the way in case you’ve forgot.

— BIG DOG (@MoonOverlord) April 16, 2021

However, this is most likely correct. After all, Dogecoin is a meme-based cryptocurrency. Over the last few years, there has been little development operation, and few of its users run a complete node. There have been 16 weekly performances higher than 30% and six of those presented 100% or higher gains.

Dogecoin historical pumps since 2017. Source: TradingView

Looking at the chart, the price increase of the hosting “Saturday Night Live.” Musk has said that his tweets about dogecoin are meant to be jokes.

At the same time, Mark Cuban, owner of the Dallas Mavericks basketball team, also made several posts in support of dogecoin.

“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank,” Cuban said in a May 2 tweet. “If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit.”

Related article | Dogecoin Proving The Haters Wrong as Market Cap Now Exceeds Twitter

The top 693 addresses already control 79.2 percent of all DOGE in circulation. Elon Musk has been vocal in his criticism of this astounding figure. It’s worth noting that the most recent price spikes have been specifically attributed to Musk’s Dogecoin-related memes and tweets.

To argue that Dogecoin is an indicator of

July 2020 total TradingView

DOGE gained 73 percent in less than 36 hours on July 7, 2020. Although the impact only lasted three days, altcoins began to appreciate in value a few weeks later. The market capitalization of altcoins increased by 24% in just ten days, from $105 billion to $130 billion.

Early 2021 total TradingView

In early-2021 incredible, an additional 182% DOGE pump that took place over the course of two days did signal an altseason. Some 36 hours later, the Related article | Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

editorial staff