Are you ready to dive into the exciting world of cryptocurrency? From Bitcoin (BTC) to Dogecoin (DOGE). With Bitcoin’s dominance declining, could an altcoin boom be on the horizon?
And what about the rise of meme coins like Dogecoin, fueled by none other than Elon Musk? 
Bitcoin Dominance Falling?
Although the first digital asset to register a relief bounce in recent weeks, Bitcoin’s (BTC) dominance is still declining. Notably, Bitcoin dominance is a key indicator for the cryptocurrency industry because it may have various effects on the potential price trajectory of the majority of assets, especially altcoins.
According to historical precedent, a decline in Bitcoin dominance accompanied by a rise in value indicates that an altcoin boom could be on the horizon. Bitcoin (BTC) had crossed the critical $30,000 threshold, and since then, it has corrected itself and may be headed toward testing at $28,900.
Time For An Alt Season Bull Run?
Meme coins are gaining traction amid the breakout. For instance, Dogecoin (DOGE) has had returns of 25% over the past month, largely due to Elon Musk’s Twitter stunt. DOGE gained approximately 35% YTD.
Similarly, the price of XRP, Ripple Labs’ native cryptocurrency, has increased, largely due to optimistic developments in the case with the Securities Exchange Commission (SEC).
A potential altcoin season will depend heavily on the current market environment because it will affect investor interest.
Dogecoin Rises Over 9% Weekly
The native currency of Dogecoin, which has a market valuation of $13 billion and ranks as the ninth most valuable coin on the market, is the foundation of its ecosystem.
Musk recently changed Twitter’s distinctive bluebird emblem to the Doge joke in response to a legal scenario that alleges that he “used his pedestal as World’s richest man to operate and manipulate the Dogecoin Pyramid Scheme.” Although the motivation for this decision is still unknown, it caused DOGE’s price to rise by 30% over the week, demonstrating the influence Musk’s actions have on the market value of the cryptocurrency.
To sum up, the most likely DOGE price prediction is for a surge that will eventually break through resistance at $0.010.
The price of Dogecoin might rise to $0.122 if that occurs. A decrease approaching $0.080 can occur if the region results in another rejection.
source: analyticsinsight.net
