The challenges of TikTok have become one of the distinguishing features of this social network, but precisely one of these challenges caused something unique: Cryptocurrency Dogecoin’s Rise 50% Overnight.
Dogecoin is a very special cryptocurrency, created essentially as a parody of an extremely volatile segment and which, for many, is pure speculation. Although it was created almost in prank mode, Dogecoin ended up becoming quite a famous cryptocurrency, and in the last few hours it has seen a dramatic increase that is due to his training from the social network TikTok.
A cryptocurrency stuffing with a very serious valuation
As reported in Cointelegraph, the makers of this cryptocurrency, also known as DOGE, launched a campaign with viral videos on TikTok which encouraged currency valuation through the activity of TikTok users, who responded to the #dogecointiktokchallenge challenge.
The evolution of Dogecoin over the last 7 days clearly shows this weird phenomenon known on TikTok. Source: CoinMarketCap
Purchasing volume increased by over 2000%, and services like Google Trends confirmed the sudden interest in a cryptocurrency that, prior to the campaign, was valued at $ 0.0024 per DOGE and that now it is around 0.0043, although it has reached 0.0053.
Dogecoin, Litecoin … do alternatives to Bitcoin make sense?
The climb is spectacular and in fact it is the coin’s highest value since October 2018But for those responsible for its creation, the phenomenon is even worrying: “be aware of the intentions of people when they push you to buy,” they warned on Twitter. “Choose for yourself, don’t ride the FOMO cart or manipulate others. Be careful. Be smart. ”
Be aware of people’s intentions when they ask you to buy things. None of them are about to advise financially.
Make the right choices for you, don’t ride on other FOMOs or manipulation.
Stay safe. Be smart.
– Dogecoin (@dogecoin) July 8, 2020
The Dogecoin-fueled phenomenon exceeds the outcome that even Elon Musk’s favorable comments had a few months ago. It is still strange and almost absurd that even his own creator, Jackson Palmer, recognize that he created it “in a playful way” in 2013, when he threw it like a Litecoin fork.
This Australian entrepreneur ended up writing an article in Vice in which he recounted how his cryptocurrency, created as a parody of this segment, reached a valuation of $ 2 billion, and He confessed that “something is wrong” when something like that ends up behaving the way he has.. Today the valuation has fallen to around $ 542 million, but certainly the evolution of this cryptocurrency, with no real support beyond the speculation of its users, is surprising.
Source | CoinTelegraph