Dogecoin jokes its way to a whopping 500% explosion, could this spark the next altseason?

• Dogecoin rallies more than 500% to highs above $0.05 boosted by Reddit traders.
• DOGE attracts the real fear of missing out every time it spikes, other altcoins tend to rally as investors look for alternatives.

Dogecoin out of nowhere rallied over 500% to hit levels above $0.5. The altcoin which began as a joke has from time to time surprises many by rallying significantly. Dogecoin started as a meme on Tweeter, to say the least. The story of the token is a good example of the world being crazy and the people in it spontaneous.

Dogecoin transforms from a joke into a real cryptocurrency

Dogecoin has a big following in the cryptocurrency space. Besides, like Bitcoin, it has a real-world use case as a medium for peer-to-peer transactions using a decentralized network. While cryptocurrency is often referred to as money for the geeks, Dogecoin is a token with a dog image on it. Perhaps this is why it is so valuable. People are probably finding it easy to relate to Dogecoin than other altcoins, let alone Bitcoin.

Dogecoin had an early start in cryptocurrency, debuting at the sheer peak of the meme’s popularity, the Doge meme – The iconic Shibe. In a tweet by Palmer, an Australian-based marketer, “investing in Dogecoin, pretty sure it’s the next big thing” put Dogecoin on the global map.

Dogecoin has had a lot of ups and downs since its intriguing start. However, the latest pump, over 500% is something to marvel about and Reddit traders are the people to thank for it. The 4-hour chart shows Doge breaking out of a symmetrical triangle. However, unlike the usual breakouts of similar patterns in technical analysis, Dogecoin went ballistic as investors rushed to capitalize on the gains.

DOGE/USD 4-hour chart

DOGE/USD price chart by Tradingview

For now, Dogecoin is trading at $0.038 after retreating from the yearly high of $0.051. The Moving Average Convergence Divergence doubles down on the uptrend, suggesting that Dogecoin could rally some more before a correction comes into the picture. Support in the case of a breakdown is not clear based on the majestic spike, but traders can keep areas such as $0.035 and $0.025 in mind.

Dogecoin intraday levels

Spot rate: $0.035

Relative change: 0.003

Percentage change: -6%

Trend: bullish

Volatility: High

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