- Dogecoin rises by 120% within 24 hours
- The coin usually is a precursor to a coming altcoin season
One of the most popular cryptocurrencies, Dogecoin, has started the year very strongly as its price has increased by over 100% in the last 24 hours alone. And usually, a rise in price of the coin usually portends a drastic rise in the value of other altcoins too.
The crypto asset has always been the butt of many jokes with Elon Musk also labeling himself as the CEO of the coin. Regardless of this, the digital asset has helped its investors maximise a huge amount of profit.
On the first of this year, the coin had a low that was around $0.0046, before getting to as high as $0.0115 today. The altcoin is also one of the only few coins with a positive ROI against Bitcoin despite the fact that most other altcoins have kept losing value against the leading crypto asset.
Dogecoin bull run could be an indicator of coming Altcoin season
Most times when Dogecoin price increases, it has always coincided with when the altcoin season is about to commence.
In the most recent crypto market cycle which was in July of last year, DOGE rose from $0.0022 to $0.0055 within a matter of days which equates to a growth of approximately 150%. Then, the value of Bitcoin dropped by close to 10% which meant the value of altcoins were rising.
This led many to believe that the most recent altcoin season was in August, 2020.
It is, however, important to note that this previous performance of Dogecoin does not necessarily indicate that this is how the altcoins would perform in the future, instead, it is only a prediction based on previous trends of the market. Bitcoin has cemented its dominance in the market and one possible way an altcoin season could be said to be on the way is if there is a consolidation in the price of the leading asset.