- The recent TikTok pump scheme of Dogecoin (DOGE) seems to have come to an end.
- The video under the hashtag #DogecoinTikTokChallenge went viral and gained over hundred of millions views in a few days.
- Dogecoin TikTok challenge depends more on the liveliness of the TikTok platform rather than the cryptocurrency industry.
The recent TikTok pump scheme of Dogecoin (DOGE) seems to have come to an end. Recently, the meme cryptocurrency was all over the news because of an viral video posted by jamezg97. Video said that there are 800 million TikTok users and each invest at least $25 and pump Dogecoin’s price upto $1 then the investors will end up with having $10000 in their pocket.
The video under the hashtag #DogecoinTikTokChallenge went viral and gained over hundred of millions views in a few days. In just 24 hours of its inception DOGE skyrocketed to $0.0029 from $0.00229 resulting in an upsurge by almost 26%.
CMO Of Okcoin Advises To Look Out For These Viral Events
The CMO of the leading BTC/USD compliance exchange Okcoin, Haider Rafique has said in regards of its depreciating affect that the Dogecoin TikTok challenge depends more on the liveliness of the TikTok platform rather than the cryptocurrency industry because it mostly grows on creating viral videos and the Dogecoin challenge is one of them.
He further added that these Tiktok challenges come and go in very short periods and pertaining to DOGE’s price drop in the last 24 hours the statement proves to be true. The Google Trends researches have shown that Dogecoin has returned to its normal levels after much exaggerated hype. The Okcoin CMO further said that they should be watchful of these viral things as it distracts their goal of a long term global financial system.
Throughout The Challenge Dogecoin’s Price Didn’t Even Rise Above A Cent
However throughout the challenge, the price of Dogecoin didn’t even break past the cent. But the price did double its previous value after finally plunging into lower market values. The value of Dogecoin peaked on 9th July when its price reached $0.005218. However, the price of DOGE when this article written doge priced at $0.003696 down by 1.29% in the last 24 hours.
The 24 hours high was $0.003963 and the 24-hours low was $0.003529 and the market cap stood at $463.36 million. The wide gap in DOGE’s price in the span of just three days is an indication that the Dogecoin Challenge subjected to TikTok’s vitality. On Wednesday, the Dogecoin trade volumes rose to an enormous $1.8 billion but the 24 hour trade volumes were $166.94 million when the article written. The depreciating trade volumes signifies that the pump scheme could not sustain a long term growth.