Dogecoin Price Surges Overnight Amid Tiktok Pump Scheme

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • A video challenge which goes by the hashtag #DogecoinTiktokChallenge has gone viral.
  • Simultaneously, in the last 24 hours the market value of Dogecoin(DOGE) has enormously jumped from $0.00229 to $0.0029.
  • This #DogecoinTiktokChallenge has reached almost half a million views already.

A video challenge which goes by the hashtag #DogecoinTiktokChallenge has gone viral. Simultaneously, in the last 24 hours the market value of Dogecoin (DOGE) has enormously jumped from $0.00229 to $0.0029. Recorded 26.6% upsurge in 24 hours and approximately 20% in a week. This #DogecoinTiktokChallenge has reached almost half a million views already.

A user named James Galante with username jamezg97 had initiated this challenge more suspected as a pump scheme had described that Dogecoin right now is of no worth. But since there are 800 million Tik Tok users, it’s highly probable that it might just hit the dollar mark. In that case each investor will have $10000. 

Dogecoin Was Initially Introduced as an Entertainment Currency

Dogecoin introduced as ‘Doge’ meme cryptocurrency launched on December 6, 2013. Within a month it had quickly developed and in January, 2014 its market capital had reached $60 million. It’s logo resembles the Shiba Inu dog from viral internet memes hence most commonly referred to as a meme coin. The Dogecoin community often call themselves ‘joky’. Founded by Billy Markus from Portland, Oregon Dogecoin was an experiment on creating a fun cryptocurrency which would reach a larger group of people. 

Dogecoin Ranked 33rd in Terms of Market Capital

This new TikTok hype has made the Dogecoin climb to 33rd position as the largest cryptocurrency in terms of market capital which has increased from $287 million to $357 million as ranked by Coinmarketcap. Another user named kindashortidiot had posted a similar video where she has insisted to invest $25 and once Dogecoin was worth $1 they would at least have $10000 in their wallets. The price of Dogecoin when this article was written was $0.002858 which was up by almost 20.19% in the last 24 hours. The market capital stood at a whopping $358.05M and with increasing supply of 125.30B. 

Tech Mogul, Musk Supports the Cryptocurrency

Dogecoin has received critical appreciation from big tech giant, Elon Musk. Back in 2019, Musk had tweeted regarding Dogecoin where he said that he finds Dogecoin to be pretty cool and it might just be his favourite cryptocurrency. Consequently, voted on to become the CEO candidate of this crypto asset owing to his support. However, the new Dogecoin pump schemes has also received criticism. While in some popular videos it was strictly suggested that people should not invest in Dogecoin because it is nothing but monopoly money.

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