Alt Of Alt Season? As Dogecoin Mutes, Look-Alikes Are Thriving
Dogecoin (DOGE) remained muted, trading slightly above the 30-cent level, as the so-called “Doge Day” drew to a close on Tuesday night at press time but the frenzy surrounding the joke cryptocurrency has extended to some decentralized finance coins.
What Happened: DOGE traded 16.67% lower at $0.32 at press time and has spiked 186.54% on a seven-day trailing basis.
The Shiba Inu-themed cryptocurrency has surged 6,489.35% since the year began. The DOGE excitement has leached to the DeFi arena. Some imitation tokens have racked up impressive single-day gains, including SHIBA INU (SHIB) has spiked almost 3,733.33% in a month’s time. SHIB trades on the Uniswap (UNI) network.
See Also: How to Buy Dogecoin (DOGE)
UNI traded 6.67% higher at $32.47 at press time while SHIB was down 35.34% at $0.0000023 at press time.
A newly launched coin on the same network, Weed Doge (WOGE), has spiked over 1000% since Monday.
WOGE was allegedly created to donate funds to people considered unjustly detained for marijuana-related offenses, according to CoinDesk.
WOGE traded 93.55% lower at $0.0019 at press time, according to Uniswap.org data.
Why It Matters: Despite social media fan exuberance, Doge Day failed to realize price levels of 69 cents or $1.
Analysts are mixed on whether DOGE would maintain its upward momentum. Oanda’s Edward Moya thinks a “sell-the-event reaction could be on cards,” according to CoinDesk.
Bloomberg’s Mike McGlone reportedly sees “little to stop DOGE from continuing to appreciate.”
Benzinga's Take: Cryptocurrencies with smaller market capitalizations have been surging in recent months, reducing Bitcoin's dominance to 50.7% as of press time — in a phenomenon described as "alt season." It appears retail investors are on the look out for further low-priced assets with the surge in major altcoins.
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