- TikTok challenge triggers Dogecoin price rally
- DOGE reached a 2-year high recently
- TikTok replaces Elon Musk as Dogecoin proponent
Cryptocurrency News Today – Dogecoin has posted gains from a fresh rally. The app TikTok has reportedly taken the price of DOGE to a two-year high. A viral campaign in support of Dogecoin on TikTok resulted in an appeal to speculators. In a tweet posted on July 8, the handler of the @Dogecoin Twitter account appealed to buyers to “be careful of the intentions users have when they advise you to buy things. This was after DOGE shot up.
The recent public campaign that involved viral videos on TikTok, the Chinese social media network seems to have caused the rally that saw Dogecoin’s price gain 50% in the last 24-hours alone.
Dogecoin’s Volume Gained 2000%
The volume of Dogecoin has increased by more than 2,000% in a two-year high. Google Trends also confirms that there has been a flood of interest talking about how to buy the altcoin. DOGE is now number 27 among the largest coins’ in the world by market capitalization.
The excitement may be centered around trends like the “#dogecointiktokchallange” and the “dogecointiktokchallenge.” TikTok users have been posting videos of trade and performance. They have invited others to join them. These videos have gotten hundreds of thousands of views. A video called on markets to take the DOGE/USD trading pair to $1. At press time, DOGE/USD was changing hands at $0.042 which is the highest price point for the coin since October 2018. The mood for Dogecoin was not one of celebration. Here is how Wednesday’s tweet put it:
“Be careful of the intentions some users have when they tell you to buy things. They are not in the place to be giving financial advice. Make the right choice for you, don’t ride on other people’s manipulation or FOMO. Be smart and stay safe.”
TikTok Replaces Elon Musk as Dogecoin Proponent
TikTok has now succeeded in delivering massive gains for DOGE holders. It has managed to do this in a way that beats what the likes of Elon Musk have done for the project. Earlier this year Musk began voicing support for the digital asset. He tweeted in April:
“Dogecoin maybe my favorite crypto. It is pretty cool.”
Musk requested that DOGE’s Twitter account let him become the project’s CEO. Dogecoin hard forked from Litecoin which was launched in 2013. The project was created by Jackson Palmer who has confirmed to the public that the crypto is a “joke. But this has failed to quell enthusiasm among buyers. Back in January 2018, in an altcoin boom that took many digital assets to all-time highs, the DOGE creator released an article in Vice magazine titled:
“My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong.”