Some associations have been found with Dogecoin’s price jump and improving the market for other altcoins. Recently Dogecoin has pushed all the way to $0.50, which is a huge bump for its market share, and given the recent data, analysts are suggesting that other altcoins might also see an increase in their price now that Dogecoin has claimed its fair share. Although Dogecoin is not the oldest altcoin, it is around since 2013, which definitely puts Dogecoin among the ‘oldest altcoins around’ club. Due to the concentrated holdings in the case of Dogecoin and its small yet progressive value, it becomes synonymous with an uptick for the altcoin market.
This is not a mere observation as the past data also suggests that whenever Dogecoin had a price rally of its own other altcoins have followed, and among various investors, an increase in Dogecoin’s value is taken as an indicator that the rest of the altcoin market will also rise to the occasion. All the current upticks that Dogecoin has had are directly or indirectly linked to Elon Musk’s supportive tweets regarding the meme cryptocurrency. Musk has offered his full support to the people who are willing to let go of their Dogecoin holdings to decrease concentration, and the price of Dogecoin has moved uphill every time after a few hours of his tweets dropping on Twitter.
Still, the very statement that Dogecoin is a solid indicator of an altcoin season that is on the way is rudimentary and not backed with actual proof. You can find both alternatives if you go about the previous data records where Dogecoin’s increased value had a direct influence over other altcoins, and the market capitalization of these altcoins increased, and there are instances where nothing of the sort happened. This can’t be left on the mere perception of chance; either Dogecoin is a reasonable indicator of an altcoin season drumming up, or it isn’t, period. The drive of other altcoins amid Dogecoin’s price pump may be able to clarify this assumption once and for all, but for that to happen, you will have to keep an eye on the crypto market’s performance.