Dogecoin Soars by 9%: Is this the Start of a New Altcoin Season?

• Dogecoin’s recent surge in value can be attributed to a collaboration with Maximus DAO and increased trading volume.
• Other cryptocurrencies, such as Ethereum and BNB, have seen minor gains, while Cardano has faced a slight decline, and Ripple has increased by less than 3%.
• Bitcoin has experienced a negative trend over the last 24 hours, with decreased trading volume.

In the cryptocurrency world, Dogecoin (DOGE) has been making headlines once again as its value has begun to soar. With its recent price surge of 9%, many investors are optimistic that this could be the start of a new altcoin season.

Currently, the DOGE price is exchanging hands at $0.08264 with a support and resistance level at $0.07614 and $0.08528, respectively. A further bullish optimism can be indicated by the digital tokens trading volume increase, which has increased 121.96% to $1,031,350,949, indicating that Dogecoin can record further growth.

However, the recent surge in the price of the meme coin can also be attributed to the recent collaboration with Maximus DAO. This is after Maximum DAO announced on their official Twitter account that they would launch a Dogecoin staking pool Dogecoin ecosystem.

In addition, other alternative cryptocurrencies have also experienced a surge in their daily trading volume. Ethereum (ETH) has climbed above $1,800, BNB has stabilized at $315, and others like LTC, MATIC, SOL, and TRX have observed minor gains.

Cardano (ADA) has faced a slight decline of just over 1%, whereas Ripple (XRP) has increased by less than 3%. Among the larger-cap alts, Dogecoin and Shiba Inu have performed remarkably well. The initial memecoin has surged by nearly 9%, reaching above $0.08, while Shiba Inu (SHIB) has risen by just over 3.37% and is trading at $0.0000112.

Bitcoin (BTC) Trading on Negative Trajectory

As per CoinMarketCap’s data, Bitcoin (BTC), the leading cryptocurrency in terms of market capitalization, has been experiencing a bearish trend over the last 24 hours. It is priced at $28,391.69 after touching a 90-day high of $29,159.90. The trading volume has decreased by 38.00%, currently at $10,163,836,564.

On Friday, the BTC market was dominated by bears, causing a drop in its price below $28,000. However, the bulls regained control as Saturday arrived, and the BTC price climbed back to $28,000.