Dogecoin Is Up 126% In A Week; Why It Is A Big Deal For Other Altcoins
At this significant point of the crypto bull cycle, the question has clearly shifted from whether or not we are in a bull market to when will be the peak of the market. Unfortunately, nobody knows when exactly. As with a typical bull cycle, the prices of many cryptos will experience parabolic moves, which are already being observed. One of such recent observations, being Dogecoin, would now form the basis of this article.
In the last one week, according to information available on Coingecko.com, Dogecoin is incredibly up by 126% . The meme coin, which has now won the heart of Elon Musk, is really taking the market by storm. But if history is anything to go by, the recent surge in the price of Dogecoin is generally a big deal for altcoins, perhaps it is all that is needed to start the next lap of the altseason.
Dogecoin, The Forerunner Of An Altseason
Yes, you read that correctly. History shows that Dogecoin has always been a kind of forerunner of the beginning of an altseason. We have seen this played out throughout the history of the crypto market cycle. In the build up to the epic 2017 altseason, Dogecoin actually started a big rally a few weeks earlier before other Altcoins joined the mega party, the largest that has ever been seen to this day.
The same scenario played out before the eyes of the crypto market observers in July 2020 when Dogecoin rose by over 150%. By the following month, there was a massive growth in the price of other Altcoins which also made gains from 100% and above.
Another short walk through the park of recent history would find Dogecoin as the fuel which ignited the most recent altseason in the crypto market. A few months ago, what started out as light Tweets from Elon Musk, massively pushed the price of Dogecoin to the roof. And, as you would expect, other Altcoins soon caught the frenzy. The overall effect is that the Bitcoin dominance has now collapsed below 55% for the first time in over a year.
Now that Dogecoin has begun yet another rally in the last couple of days, if history is anything to go by, then we can confidently predict that the next few weeks will be massive for Altcoins. If my personal sentiment is brought into the matter, then I would say that the end of April and May look very bright. As always, only time will tell.
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Its just everybody's favorite coin to pump you know...that's its best use case unfortunately. woof, woof...
You're totally right. Doge and Eth are usually the alt seasons forerunners. I believe we are still a few months away from a peak
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What month do you think the peak would be and the possible indicators? At the moment, history appears to be repeating itself.
I'd say sometime in fall if we take an average of 500 days after the halving to be the estimated peak.
How do you know that
Everybody will talk about crypto and what has DOGE done it will be all over the market. Same as in 2017.
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