Dogecoin (DOGE) the famous tipping crypto coin for Reddit and Twitter platform users went through an instantaneous price hike mechanism within few days of a video that gets viral from a burgeoning Chinese social media platform TikTok.
Reportedly, on June 28, TikTok influencer jamezg97 posted a video on a pumping challenge by the hashtag #DogecoinTikTokChallenge. The video shows that Doge price would shot by $1 and people would get rich in seconds.
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”
Earlier in another video, an anonymous user using “STONKS” in his bio mentioned that,
“Alright here’s a crazy thought. What if everyone watching this video bought some Dogecoin? Could they stop us? Could they stop us all?”
Reportedly, the split-screen indicated that people can “increase the price of Doge from $1,000 (£797) to $426,985 (£340,363) if they hold it from a price of $.00234 (£0.0019) and tapped out at $1 (£0.80).”
Following Dogecoin’s TikTok Challenge viewers and users of the TikTok community joined the herd of getting rich and started posting the videos of Doge price escalations on the platform and started speeded the contest and indirectly pumping the Doge price.
The stimulation has increased the eagerness of crypto buyers which resulted in the search volume surge of Dogecoin (DOGE) on Google Trends by over 2000% compared to the past years.
Warning from Doge Twitter
Amid of the instant shot up, Dogecoin official twitter account warning crypto community to be cautious from the mindful players who may be playing with the sentiments of the cryptocurrency investors/traders while creating a FOMO to buy the altcoin.
Dogecoin Holds Importance
During July 2019, a similar spike took place which made Doge surge almost 37% following the Binance listing announcement. In August, it crosses almost 60%.
Doge is already amassing a sound following due to it’s humorous and fun-loving gameplay. The loyal following of Doge is essentially nurturing a peculiar sense of humor, something Musk is known for.
From the period, Tesla CEO Elon Musk is also showing his love and excitement on Doge and tweeted “Dogecoin rulz”…”Dogecoin is his “favorite cryptocurrency.”
As of date, Dogecoin is the 27th largest cryptocurrency having a market cap of $500million, with a valuation of over $374miilion, according to CoinMarketCap data.
The “dog” meme-based cryptocurrency is famous for putting an internet meme and featuring a Shiba Inu (a family dog) on its logo.
Shiba Inu represents a family dog that is social with you if raises and treats well. Similarly, the supply of Dogecoin is also uncapped and this crypto asset can be mined solo or in a group via mining pool as they aspire for while using Windows, Mac or Linux, and with a GPU.
Dogecoin is an open-source altcoin, created in 2013 by three founders: Billy Markus, Oregon, and Jackson Palmer. The founders of Doge envisioned it as a fun, light-hearted, no-stuffy cryptocurrency unlike Bitcoin and doesn’t work much on the proof-of-work concept.
Reportedly, Doge crypto uses script technology and claims to have a better appeal on the crypto users comparing to boring conventional Bitcoin as Dogecoin takes less block time of approx. one minute compared to Bitcoin.
Though Doge is invented as a fun altcoin, that fact is Doge is a serious project. It is built on LuckyCoin which is basically a variation of the Litecoin code, and Litecoin is also derived from Bitcoin. Meaning, Doge is a fork of Litecoin and is playing an important role in the cryptocurrency adoption globally, due to its unlimited supply.
The inflationary concept of Dogecoin can be seen as a USP over Bitcoin which is having only 21 million total supply that will ever be mined and Dogecoin has no limit. As of date, there are over $125billion Doge tokens in circulation, according to CoinMarketCap real-time data.
This year in Feb, a research conducted by Blocknative, San Francisco-based startup which tracks Ethereum mempool, shows there are over 3.1 billion cryptocurrencies transactions that took place from 2009 to 2019 by 24 blockchains together over two dozen cryptocurrency networks.
Reportedly, in the past ten years, out of the various cryptocurrencies, Dogecoin is also among them which has the highest transfer transaction counts. Blocknative while citing data from CoinMetrics mentioned in the blog.
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