On July 8, Crypto asset Dogecoin (DOGE) surged 50% due to a fresh viral TikTok campaign that encouraged users to pump the coin, leading to an appeal to speculators from its twitter account.
DOGE is warning traders against speculation after its price gain. In a tweet, the controller of the @Dogecoin Twitter account appealed to traders to “be mindful of the intentions people have when they direct you to buy things”.
Bloomberg Former Analyst and Delphi Digital Co-founder Anil Lulla said,
“The recent rise of DOGE, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation.”
The price gain came after TikTok user James Galante posted a video called “Let’s all get rich”, and persuaded viewers to invest $25 in DOGE, and wait until its price rises to $1, which would give each person a profit of around $10K if the unlikely scenario happened.
The so-called #DogecoinTikTokChallange has gained almost half a million views and 100,000 likes to date. It has pushed Dogecoin rankings to reach the number 28 cryptocurrency by market cap and its volume has increased more than 2,000, while Global search interest on “How to buy a dogecoin” has also skyrocketed.
TikTok has delivered gains for DOGE holders in a way that beats even the likes of Elon Musk, who earlier this year began giving huge support for the altcoin.
During an altcoin boom in Jan 2018, wherein many assets hit all-time highs, DOGE founder Jackson Palmer released an article in tech news magazine Vice titled, “My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong.”
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