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dogecoin crypto altcoin pump dump dogeusd dogebtc tiktok
Nexo Logo

TikTok Dogecoin Pump Purveyors Experience Their First Crypto Dump

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

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.

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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.

Related Reading | Crypto Asset Goes Viral, As TikTok Users Plan Coordinated Pump

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.

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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 crypto altcoin pump dump dogeusd dogebtc

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.

Related Reading | Small Cap Altcoins Have Outperformed Bitcoin By 5x in 2020

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.

Tags: altcoincryptoDOGE/BTCDogecoindogeusddogeusdttiktok
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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