Dogecoin rallies as TikTok users try to pump its price to $1

Source: The Block 2020-07-09

Quick Take

TikTok users are making viral videos urging their followers to invest in Dogecoin — and it appears to be working
The price is up 60% since the morning of July 6

“Let’s all get rich!”

That's how TikTok user @jamezg97 kicked off a video he released on July 2, in which he urged the app’s 800 million users to invest in Dogecoin. In fact, it was part of a larger TikTok-centered campaign to inflate the coin's price.

“Dogecoin is practically worthless,” he explained. “There are 800 million TikTok users, invest just $25. Once it hits one dollar, you’ll have $10,000. Tell everyone you know.”

The video, which has garnered roughly 63K likes and 5,000 comments, is far from the only one. A quick search of the Dogecoin TikTok tag shows that users on the social media platform have, in aggregate, created videos that garnered over 5 million views. The cryptocurrency also took the top trending spot on Twitter late Tuesday night.

Dogecoin is a Litecoin-based cryptocurrency that was launched as a joke in December 2013 by U.S.-based programmers Billy Markus and Jackson Palmer, who borrowed the name and logo from an internet meme. Since then, somewhat of a cult community has formed around the coin, predominantly on Reddit and Twitter.

The current price of Dogecoin is at $0.0037, after peaking at $0.0048 on Tuesday. But since the morning of July 6 through the present, the price has increased by approximately 60%, making its $450 million market cap the 29th largest among cryptocurrencies.

The coin’s recent TikTok-fueled rise appears to be enticing users to jump on the bandwagon even if they don’t understand the asset, much less crypto investing.

“Everybody listen to me,” a Tik Tok user who goes by the name hunter said in another video. “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 shares okay. And if this reaches $1, you would have made $10,000. Please just try it out. Go pump it!” he said. The video, which was released Monday, has over 45K likes and over 2,400 comments.

TikTok

Cryptocurrency

Dogecoin

Dogecoin rallies as TikTok users try to pump its price to $1

Quick Take

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