DOGE volumes skyrocket nearly 2000% and price jumps 35% in just 2 days viral TikTok videos
Trading volumes of the Shiba Inu meme-based cryptocurrency, Dogecoin (DOGE), skyrocket nearly 2000% in the past two days when videos on TikTok encourage users to invest. DOGE price jumps 35% to $ 0.036 over the same period.
Source: TradingView
The reason for the massive increase was initially due to a video of a Tik Tok user named “James Galante” with the caption “Let’s all get rich.” The video explains how people invest $ 25 in DOGE when it’s worthless ($ 0.0023) and wait until it reaches $ 1, which will result in investors having $ 10,640. At the time of writing, the video had 60.6k likes and more than 4.4k comments.
At $ 0.0023 per DOGE, investing $ 25 will yield 10,869 DOGE, assuming the price touches $ 1 per token, meaning an increase of 43,378%, will yield a profit of about $ 10,800.
Dogecoin is just a joke, according to one of its founders, Jackson Palmer. As such, the madness based on social media could be a suitable use case. The daily volume for cryptocurrencies has remained below $ 5 million for the past two months.
“The recent rise of DOGE, a meme coin, will act as a reminder to everyone in the space that the most common use case for cryptocurrencies is still speculative,” Anil Lulla, former Bloomberg analyst and co-founder of Delphi Digital.
Source: Messari
According to 12-month Google Trends data, global search interest in “how to buy dogecoin” spiked from 25 to 100, the highest search popularity score, for the past few days.
A number of videos on TikTok, a popular new social media platform, have gained more than 100,000 likes, while all videos have “dogecoin” hashtags amassed several million.
For speculators and meme fans, DOGE offers a value proposition different from other cryptocurrencies, according to Qiao Wang, a former independent trader at Tower Research.
“The value of most leading cryptocurrencies has come from currency premiums. The value of DOGE comes from meme premiums.”
Although it is merely a meme, DOGE survives the worst – the bear market. Since 2017, a lot of tokens have risen in price with the 2017 rally, but not all can exist. Meanwhile, Dogecoin does not seem to exist; it thrives.
You can see the DOGE price here.
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- Vitalik Buterin Defended Zcash, The Privacy Coin Is A Failed Cryptocurrency Than Silly Meme Project DOGE?