Dogecoin (DOGE) has been the poster child of altcoins for a very long time, particularly as it’s been around since 2013, making it one of the oldest cryptocurrencies in existence. The inflationary meme-coin quickly became synonymous with wild price pumps due to its small nominal value and concentrated holdings.
Doge starts altseason by the way in case you’ve forgot.
— BIG DOG (@MoonOverlord) April 16, 2021
Such unprecedented short-term price rallies history caused some investors to use DOGE price as a leading indicator for an altcoin season.
But this probably does make some sense. After all, Dogecoin is nothing more than a meme-based coin. There has been no development activity over the past couple of years, and not that many of its users run a full node.
Dogecoin historical pumps since 2017. Source: TradingView
Also, take notice of how incredible price moves have been the norm rather than an exception for Dogecoin in the past four years. There have been 16 weekly performances higher