Dogecoin, one cryptocurrency that has never taken itself too seriously, but has garnered much attention and remains a part of the ecosystem today, is currently pumping in price thanks to an odd reason.
The coin has ‘gone viral’ in the social media realm through video app TikTok. This has seen $DOGE rise nearly 20 percent after a challenge on TikTok went viral calling for users to try and get the coin’s price to $1.
The most popular video under the hashtag #DogecoinTiktokChallange has amassed nearly half a million views so far. It was posted five days by a user jamezg97, and effectively described what seems to be a pump scheme.
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know,” the user states.
However, this may be a silly social media challenge, but it bears a striking resemblance to the speculative investment that has dogged the cryptocurrency space, especially in 2017.
One user named kindashortidiot explains:
“Everybody, just 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, okay? And if this reaches $1, you will have made ten grand. Please, just try it out. Go pump it!”
Looking back at where Bitcoin was before its 2017 price spike to $20,000 there were similar conversations being had. Many people had no idea what Bitcoin was, or anything about investing, but they knew that there was a chance it could skyrocket in price and their small investment would grow dramatically.
This challenge will not lead Dogecoin to the same heights as Bitcoin, or will it probably even go as far as to cause the coin to reach $1 and make a bunch of TikTok
Dogecoin keeps on going
The coin has made no joke about its beginnings and is proud that it is a coin with no real worth or value other than being tied to the internet meme, ‘Doge.’ But this has not stopped it being recognizable, and still relatively well supported. Even Elon Musk names it as his favourite.