Dogecoin increases by 20% thanks to TikTok’s „Pumping Challenge“
The Dogecoin (DOGE) cryptomoney increased by 18% in 24 hours and almost 20% in the last week. The price action is taking place in the context of a viral challenge from the social network TikTok that encourages users to inflate the currency.
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The most popular video with the hashtag #DogecoinTiktokChallange accumulates almost half a million visits so far. It was posted for five days by a user named jamezg97, and effectively describes what appears to be a pump-and-dump scheme:
„Let’s all get rich! Dogecoin is practically useless. There are 800 million TikTok users, once it reaches $1, you’ll have $10,000.
In another video, a user named kindashortidiot says, with a DOGE graphic in the background:
„Everybody, please listen to me. This is Dogecoin. If you don’t know anything about investments, it doesn’t matter. Put $25 on this and it’s $10,000, okay? And if this goes to $1, you’ll have won 10,000. Please try it. Go blow it up!“
Another popular publication under the hashtag #Dogecoin is addressed to „some know-it-alls who buy Dogecoin at Robinhood“ and basically warns them against investing in DOGE, „literally a monopoly of money“.
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Cointelegraph approached TikTok to ask if this type of content meets their guidelines, but did not receive a response until the time of publication.
Crypto is currently trading at $0.002758, an increase of almost 18% in 24 hours. It ranks 33rd in market capitalization at Coinmarketcap.
The Elon Musk Seal of Approval
Dogecoin is a Litecoin (LTC) based crypto that was created by the American programmer Billy Markus and inspired directly by the meme „doge“. Although it was introduced as a „joke“ crypto currency in 2013, it managed to build a lasting community on Reddit and Twitter.
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His most famous follower is technology mogul Elon Musk. In April 2019, Musk tweeted that DOGE „could be his favourite cryptomonkey“, and that he finds it „very cool“. In a joke poll on Twitter around the same time, the crypto community voted Musk the best candidate for CEO of the Immediate Edge asset.