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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
crypto dogecoin tiktok

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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 (@CryptoTickers) 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.

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Tony "The Bull" Severino
Tony "The Bull" Severino

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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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