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crypto dogecoin tiktok

Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump

Tony "The Bull" by Tony "The Bull"
3 years ago
in Cryptocurrency Market News
Reading Time: 3 mins read

One particular “practically worthless” crypto asset is going viral on TikTok. Users are attempting to pump the price of the altcoin to $1 or more, through the power of the social media app.

The altcoin’s hashtag has already amassed nearly 3 million views and counting, aiming to reach the platform’s over 800 million users. The asset’s price has been responding, but could this simply be the start of alt season, or is TikTok really behind the surge?

The Bizarre Birth of Dogecoin Through Today

Dogecoin was created as a joke currency in 2013 based on the Shiba Inu internet meme Doge.

The altcoin has little to no use case. However, crypto investors either utilize it to move funds from one platform to another or use it as an indicator for alt season.

When Dogecoin rallies, it typically signals irrational exuberance in the crypto market. It’s this emotional state that causes “practically worthless” altcoins to pump dramatically.

DOGEBTC | Source: TradingView

It happened during the peak FOMO frenzy during the crypto bubble. And it’s happening again now.

Related Reading | Altcoins Pumping on Cryptocurrency Exchange Listing Brings Back Memories Of Bull Market

However, recent gains in Dogecoin may not be a signal alt season is here, as it’s done so in the past. The latest rally in the altcoin could be due to the popular social media app, TikTok.

This is what nocoiners think about Crypto. Just find “cheap” low sats coins hoping it’ll pump to $1. Happened in 2017 and will happen again pic.twitter.com/eHGN3OCJdZ

— CryptoCrew (@BreakoutTickers) July 7, 2020

Crypto Asset Spikes 17% After Going Viral On TikTok

Dogecoin has gone viral on TikTok due to a new #DogecoinChallenge sweeping the app.

It’s not clear where the idea originated, but several TikTok users have been sharing videos urging users of the platform to invest just $25 into DOGE. They refer to the cryptocurrency as “practically worthless.” But they intend to change that.

Due to the asset’s low value of just $0.0025 per DOGE, buying “10,000 shares” of the “stock” could turn into $10,000 if the asset reaches $1 each.

This is a goal that TikTok users intend to reach by getting the crypto asset and corresponding challenge to go viral.

crypto dogecoin tiktok

It’s working, too. Dogecoin is up over 17% in the last week since the challenge first was issued. The altcoin’s hashtag as over 2.7 million views and counting.

The platform also has over 800 million active social media users, so anything is possible. The platform has quickly grown in popularity over the last year.

Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run

Searches for “how to buy Doge” have climbed as a result of the challenge. Google auto-suggest demonstrates how little TikTok users really understand about the crypto asset they’re putting money into.

dogecoin tiktok crypto

Granted, it’s only $25 the challenge calls for. But not knowing the difference between a cryptocurrency and a stock suggests investing isn’t right for them.

Or at least additional research is necessary first. But that hasn’t stopped users from adding Robinhood charts to their backgrounds and doing a Dogecoin dance.

crypto dogecoin tiktok

Still, Dogecoin is pumping and if TikTok users have their way, they’ll pump the crypto asset all the way to $1 per DOGE.

In related news, President Donald Trump is considering blocking TikTok in the United States, along with several other Chinese apps. If this happens, it could put an abrupt end to the meme currency’s change of further going viral and reaching the lofty ROI goal.

Tags: alt seasonaltcoinAltcoin SeasoncryptoDOGE/BTCDogecoindogeusddogeusdttiktok
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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