Viral TikTok video pushing the price price of Dogecoin 50%. The video calls on viewers to each invest $25 in Dogecoin. The so-called #DogecoinTikTokChallange has attracted almost half a million views and 58,000 likes to date.
Major gains from a fresh viral campaign in support of DOGE on TikTok resulted in an appeal to speculators arising from the @Dogecoin account. The meme-based crypto Dogecoin is cautioning traders from speculation after its price increased by 50% in 24 hours.
TikTok Pushes Dogecoin Price To 2-Year High. In a July 8 tweet, the @Dogecoin Twitter account controller told buyers to:
What is Dogecoin Viral TikTok Challenge
According to reports, the excitement is mainly centered around trends dubbed “dogecointiktokchallenge” and “#dogecointiktokchallange.” Many TikTok users are posting videos of trading and performance and also inviting others to join in the trading.
One video that has acquired hundreds of thousands of views calls on the markets to take DOGE/USD to $1. But with its price so far away, it’s an unrealistic goal.
The video creators call on Tik Tok users to each invest $25 in Dogecoin, and wait until its value rises from $0.0023 to $1—which would give each person a profit of $10,640, if the unlikely scenario happened. The current price is $0.0028.
“Let’s all get rich!” says the presenter. “Dogecoin is practically worthless. There are 800 million TikTok users once it hits $1, you’ll have $10,000. Tell everyone you know!”
Elon Musk who had earlier this year started providing curious support for the altcoin. He tweeted in April:
Dogecoin is a “joke cryptocurrency,” according to one of its founders, Jackson Palmer. As such, impromptu social media-based frenzies may be a fitting use case. Daily volume for the cryptocurrency stayed well below $5 million for the past two months.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation,” said Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital.