Dogecoin has been in the cryptocurrency market for some time now and while it has not really tried to distance itself from its 'meme' status, it has shown glimmers of hope in the past. As such, the digital currency has remained one of the famous currencies in the cryptocurrency market and has maintained its status as an option for any cryptocurrency portfolio. The digital currency appears ready to take on this year as it has already seen a significant increase in value in the last 48 hours.
Dogecoin, on January 2, saw an unprecedented increase in its value of over 120% in 24 hours and has continued that remarkable form by seeing a 125% increase in value. The current surge in price is being linked to Bitcoin's price explosion by experts and its track record of having the ability to deliver returns as major currencies has caught the attention of the crypto space.
The technicalities of the increase are not talked about much, as many experts have attributed the increase to the endorsement of household names in the financial scene. Elon Musk, CEO of Tesla Inc spoke about the digital currency in a tweet he posted on Twitter. Elon Musk also jovially stated that he was the former CEO of Dogecoin, which gave Dogecoin a boost. Adult film star Angela White also revealed in a tweet on January 1, 2021 that she has been a Dogecoin investor since 2014. The tweet came just hours before the start of the surge.
Dogecoin has held firm against Bitcoin as it records a 95% daily ROI against Bitcoin, while the latter is in a way of life after a 10% surge in its price this year, pushing it above the $ 33K mark.
Over the years, an unprecedented surge in the price of Dogecoin has been an indication of the start of an altcoin season in the crypto market. The occasional spikes in the price of Dogecoin have coincided with a subsequent rise in the value of the altcoin market. In July 2020, Dogecoin gained more than 150% in value in just over 48 hours, bringing its price from $ 0.0022 to $ 0.0055.
Bitcoin's market dominance dropped dramatically by 10% just two months after Dogecoin's surge, an indication that altcoins were improving performance and gaining value. Bitcoin's dominance is now at a high of 70% amid its impressive bull run for a couple of months. While Dogecoin's past performance is not an indicator of future behavior, it is worth noting that an increase in its price, coupled with a consolidation in Bitcoin's price, could be a sign of an impending altcoin season.