TikTok Dogecoin Pump Purveyors Experience Their First Crypto Dump

Tony "The Bull" Severino

5 years ago

3 mins read

dogecoin crypto altcoin pump dump dogeusd dogebtc tiktok

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This week, the altcoin named after an internet meme, Dogecoin, went viral on social platform TikTok. Users of the platform tried to get a hashtag challenge trending in order to pump the coin.

However, these new investors unsure if Doge is a stock or an altcoin have now learned the hard way what a crypto dump is. The over 25 % dump is likely taking them by surprise following an insane, over 100% pump.

Dogecoin Goes Viral On Popular Social Media App

Earlier this week, users of the popular social media platform TikTok began sharing videos urging other users to buy Dogecoin.

A portion of the massive, 800 million strong userbase began to listen to the instructions carefully. Users recommended buying 10,000 “shares” of the “stock” and hold it until it reaches a $1 per coin.

Once it does, these savvy early investors who listened will have turned $25 into $10,000. Except Dogecoin reaching $1 is not probable, and these investors clearly have no idea what they are getting themselves into.

Users flocked to Google searching for how to buy the altcoin but referred to it as a stock or share according to Google auto-suggest results.

Dogecoin is a meme cryptocurrency first created as a joke, but this TikTok craze is very real.

In less than a week, the cryptocurrency pumped by over 140%. But as crypto investors often find out the hard way, the other side of the pump can be painful.

Dogecoin DOGEUSDT Daily Binance | Source: TradingView

TikTok: Is Time Up For This Crypto Meme’s Insane Rally?

After riding the insane rally by over 140% these early TikTok users who recommended Dogecoin are now sitting in profit. Those who listened late, however, just got dumped on in a major way.

Although the asset rallied over 140%, profit-taking just took Dogecoin’s rally down by 28%. And it may only be getting started.

After making that much money that quickly, these trigger happy investors may be taking profit fast. Another theory is that crypto investors long holding Dogecoin bags are now dumping on the TikTok users as price recovers. A new type of perpetual swap contract may also be to blame.

Whatever the reason, Dogecoin is now falling. The altcoin is also often used as an indicator to alt season, and it could be a sign its already over if the asset is dumping.

Making matters worse for altcoins, are sell signals setting up across the charts of major coins like Chainlink and Ethereum. The biggest crypto assets in the space often bring the market along with them when they move.

If Ethereum tanks along with Chainlink, and Dogecoin leads the dump, alt season may be finished already, and TikTok users will suffer further.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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