Posted 9 months ago | by Ben Armstrong
Altcoin and Bitcoin Season is Upon Us and DogeCoin and VeChain May be Leading it
With most altcoins experiencing an increase in value in the last months, 2 of them have offered reasons to believe they will be leading the imminent bull run: VeChain and Dogecoin.
Both altcoins have seen a pump with gains over 35%, with Dogecoin benefiting from a viral TikTok trend which is getting users to invest 25 dollars in Dogecoin to pump it up to 1 dollar.
With this trend, Dogecoin’s trading value has spiked by 2000% with the coin’s value doubling at some point before having a pullback soon after.
Social media has proven to be an effective medium for young people to get excited and interested in cryptocurrencies, as this trend has shown.
Watch Bitboy Crypto's analysis of Dogecoin’s viral success in TikTok and how it will impact the cryptocurrency world, as well as predictions for Bitcoin:
VeChain and Dogecoin are Providing Liquidity to Bitcoin Traders
Just like Dogecoin, VeChain is one of the lowest-priced altcoins in the top 30 by market capitalization, with the other one being Tron.
In the past, Dogecoin pumps have occurred before big movements for Bitcoin, by providing liquidity to traders and market makers which could signify that a big moment is coming for bitcoin.
Both Vechain and Dogecoin’s order books are showing a great number of Satoshi moves, which shows people turning to these both altcoins for liquidity
Dogecoin is More Than Just a Memecoin
Dogecoin was created back in 2013 by American developer Billy Markus as a joke based on the Shiba Inu meme due to the belief of its creator that cryptocurrency was been given more importance than it should.
What started as a “joke cryptocurrency” in the words of Jackson Palmer, one of Dogecoin creators has become an altcoin that has been able to get to a market capitalization of about $1.92 Billion in 2018 and sitting at rank 28th at this time.
Dogecoin has also shown its ability to influence Bitcoin’s behavior with its increases always resulting in a peak for the most popular cryptocurrency.
Dogecoin status as a meme ensures that its behavior will result in coverage from mainstream media and people who are strangers to cryptocurrencies and blockchain, which increases inversions for other major cryptocurrencies.
Dogecoin’s website describes the coin as an "open-source peer-to-peer digital currency, favored by Shiba Inus worldwide”, which only makes its ability to affect the cryptomarket more interesting.
VeChain Might not be a Meme but it Surely is Popular
Vechain, on the other hand, is a serious project that does not have the huge popularity created by social media memes but has shown an increase in popularity in the crypto world.
The platform was designed to enhance supply chain management and business process, a blockchain application that is being tested by multiple industries around the world as a result of the Covid-19 pandemic, with companies like Mercedez-Benz, Volvo, and Norwegian Seafood companies taking an interest.
The platform works under a proof-of-authority algorithm that enables it to deliver fast transactions, scalability, and energy efficiency.
VeChain (VET) is currently sitting at rank 17th after increasing its value and market capitalization by 100% in the last 7 days, making it one of the hottest altcoins in the market at this time.
With at its all-time high, there is a lot of speculation about what its behavior will be on the next days as analysts discuss if its surge has topped out or not.
The Top Altcoins are All in the Green
VeChain and Dogecoin might be some of the best performers during the last days when it comes to growth but are far from being the only ones experiencing it.
Looking at the behavior for the top 50 Cryptocurrencies shows that 26 out of them have shown a positive trend in the last 7 days, with COMP, LEO, OKB, and Tether being the only ones with a drop.
With governments, companies, and individuals becoming more aware of the potential of blockchain and cryptocurrencies, it is not surprising to see an increase in cryptocurrency and blockchain tokens adoption, but this kind of growth represents a huge opportunity for the industry.
As if everything in the crypto world, it is impossible to know what will follow this trend and how it will impact the market, but it surely will be interesting to watch.
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