Who is "inside" the crypto world will have noticed that Dogecoin's price has risen too much in too little time, let's see together why.
This week the price of DOGE has increased by almost 20%, thanks to a challenge on TikTok that encourages users to bring the price of the currency to $ 1.
The Dogecoin cryptocurrency (DOGE) reported growth of 18% in the past 24 hours and around 20% in the past week. This trend is the consequence of a viral "challenge" on TikTok which encourages users to invest in the currency itself.
The most popular video with the hashtag #DogecoinTikTokChallange currently has nearly half a million views. It was published a few days ago by the user jamezg97, and seems to be a classic pump scheme:
"We will all get rich! Dogecoin is currently worthless. There are 800 million TikTok users. Invest $ 25: when it reaches $ 1, you will have $ 10,000. Tell everyone!"
In another video the user kindashortidiot states, with a Dogecoin chart in the background:
"Listen to me all, this is Dogecoin. It doesn't matter if you don't know anything about investments. Put $ 25 and soon it will be 10,000, okay? If it reaches $ 1, you'll make ten thousand. Come on, try it!"
Another equally popular video, with the hashtag #Dogecoin, tries to warn users instead. It is aimed at "those sly men who invest in Dogecoin on Robinhood", strongly advising against buying the cryptocurrency as it "has the same value as the money of the Monopoly".
At the moment, the price of the asset can be seen in the box below.
The approval of Elon Musk
Dogecoin is a Litecoin-based cryptocurrency (LTC), created by the American programmer Billy Markus inspired by the well-known "Doge" meme. Although in 2013 it was presented as a simple joke, the currency managed to build a community on Reddit and Twitter.
His most famous supporter is the tech tycoon Elon Musk (for the uninitiated we talk about Tesla, SpaceX, etc). In April 2019, Musk tweeted that DOGE "could be" his favorite cryptocurrency, and that it seems "cool". In a joking poll conducted on Twitter during the same period, the crypto community voted Musk as the best candidate to take on the role of CEO of the project.
For one day Elon Musk held the role of CEO of Dogecoin (obviously unnecessary office was just a fun thing to do) and that day the price of Dogecoin went up a lot.
And what do you think of it? Will Dogecoin arrive on the moon? Also, if you don't want to spend money on having DOGE, I remind everyone that on Rollercoin you can passively earn both Dogecoin and Bitcoin, and Ethereum (Link to RollerCoin).
Thanks if you've come to read this far and see you soon!
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