The Dogecoin cryptocurrency has surged in value by 20 percent in just one week, after a viral TikTok challenge urged users of the most popular app to buy in and push its value to $1.
Dogecoin (DOGE), famed if you are forged with the ‘Doge’ internet meme in mind, went up in value by nearly 20 percent in the last week – and it has been fluctuating wildly over the past 24 hours, all thanks to a challenge that shot to popularity on TikTok.
The #DogecoinTiktokChallange video was posted by user ‘jamezg97’ and contains been viewed nearly half of a million times as of Tuesday.
“Let’s all get rich!” the poster urged viewers, noting that Dogecoin is “practically worthless” at this time, but saying the 800 million TikTok users could change that. “Once it hits one dollar, you’ll have $10,000. Tell everyone you know,” that he said.
At the full time of writing, the crypto asset trades at $0.002883, that is almost 22 percent more than it was 24 hours early in the day – but nonetheless a long way off the $1 goal.
Despite being created as a “joke” by United States-based programmer Billy Markus in 2013, Dogecoin has since found followers all over the internet.
Last year, Tesla CEO Elon Musk tweeted that Dogecoin may be his favorite cryptocurrency.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
Musk posted still another nod to Dogecoin in March 2020, causing the meme-ish currency to increase five percent in value – but the price bump was short-lived.
Whilst truly steeped in humor, it’s unclear set up TikTok challenge is simply still another classic ‘pump-and-dump’ scheme, wherein plotters organize to artificially inflate the value of a currency which they then sell for profit.
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