By Hassan Mehmood (Saudi Arabia)
The cryptocurrency (DOGE) has been up 54% in the past 24-hours, and it is a remarkable growth. The credit for this unnatural upsurge goes to TikTokers, who encourage people to buy the cryptocurrency.
On the social media platform TikTok, a hashtag #DogecoinTiktokChallenge has inspired the audience to buy DOGE coins. The hashtag first shared by TikTok’s user, Jamezg97, five days ago:
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”
Similarly, another user also posted over the platform by saying:
“Everybody, please listen to me. This is Dogecoin. If you know nothing about investing, it doesn’t really matter. Go put $25 into this, and that will be 10,000 shares, okay? And if this reaches $1, you will have made 10 grand. Please, just try it out. Go pump it!”
Trading Volume Increased by more than 2,000%
The trading volume of the meme-based coin has been surged by more than 2,000% in just the past two days. TikTok’s advertisement of the coin has caused a great inflow of investments from individuals, which proved as a better campaign than traditional ones.
The founder of crypto firm Delphi Digital and former Bloomberg analyst, Anil Lulla, said:
“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.”
Google trends data shows that the keyword “how to buy dogecoin” has attained a score of 100, the highest possible score.
There is some kind of difference between it and other reputed cryptocurrencies, and the difference is explained by crypto trader Qiao Wang. According to him, “Dogecoin’s value comes from memetic premium” while the other leading coins receive value from “monetary premium”.
In April, a twitter account asked Elon Must to become the CEO of Dogecoin. In response, Musk said,” Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
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