Dogecoin Spikes 120%: If History Repeats, This Might be Very Positive for All Altcoins

If history is any indicator, the recent spike of Dogecoin might be a perfect sign for all remaining altcoins, following the recent spike of the meme coin, which started as a joke as one of the first cryptocurrencies besides Bitcoin.

DOGE Surges 120%

Despite not being so high up the market cap ladder, DOGE is undoubtedly one of the most popular cryptocurrencies. It is frequently mentioned by one of the most influential businessmen on the planet, Elon Musk. He even jokingly in his Twitter handle that he’s the “Former CEO of Dogecoin.”

Former CEO of Dogecoin. Elon Musk’s twitter

Meme coin or not, the cryptocurrency has generated some serious profits for its investors in the past few days. Yesterday, it marked a low at around $0.0046, and today it peaked at $0.0115 for a 120% increase in less than 24 hours. While most of the altcoins are losing value against Bitcoin, as the latter spikes over 10% breaching $33K, DOGE beats the primary cryptocurrency and records a 95% daily ROI against BTC.

If History Repeats: Altcoins Might Have it Good

Occasionally, whenever the price for Dogecoin has increased impressively, it’s usually a telltale sign that an altcoin season might be around the corner.

As CryptoPotato reported in the past, spikes in the DOGE price have coincided with subsequent increases in the altcoin market. This is especially true in the past couple of crypto market cycles.

For instance, back in recent July 2020, DOGE surged from about $0.0022 to $0.0055 in just a few days, charting an increase of about 150%. This happened towards the beginning of the month, and what followed was rather interesting.

Doge/USD. Chart by TradingView

In less than two months following July’s DOGE’s pump, Bitcoin’s market dominance dropped by almost 10%, meaning that altcoins were absolutely booming. Many see August 2020 as the most recent real altcoin season.

Now, it’s important to note that past performance is not indicative of future behavior. However, the altcoins have been struggling against BTC lately, as the primary cryptocurrency dominance has increased to a high of over 70%. If bitcoin’s price sees some sort of consolidation, DOGE’s pump might as well be a precursor to an incoming altcoin season.