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.

See Also: Will GameStop Or Dogecoin Grow More By 2022?

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.”

Gold Bug Peter Schiff said recently that while Bitcoin (BTC) is “old-fashioned” Dogecoin is hip. BTC traded 2.66% higher at $56,186.79 at press time.

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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