Dogecoin trading volume increases 1,900% thanks to TikTok
Users of TikTok, the popular video app, discovered the power of their numbers when they reserved all the tickets for a Trump rally in the United States a few weeks ago and didn’t show up. This gave the TikTok users a lot of attention, and even respect, from political analysts and commentators.
This #TikTok video is the Reason for #doge #Bullish or #pumping— Anjani Kumar (@AnjaniKumar_3) July 8, 2020
Original Tiktok video of the guy who is the Reason for #dogecoin Bull#dogecointiktokchallange#dogecointo1dollar#dogebullish#dogecoinbullish pic.twitter.com/ZdzMwp6SKD
This time, mostly young users have developed a new viral game that may be bad news for crypto. TikTok users have started investing in Dogecoin, the Shiba Inu meme-based cryptocurrency that was once founded as a joke.
Meanwhile, so much has been invested in DogeCoin by TikTok users that the coin’s trading volume has increased 2,000% in the last week.
Dogecoin is still a “joke cryptocurrency”, according to one of the founders, Jackson Palmer. The daily volume for the crypto has remained well below $ 5 million in the past two months until it suddenly exploded in the past week.
Worldwide search interest in how to buy dogecoin on search engines has also skyrocketed in recent days from a score of 25 to 100, the highest possible score for search popularity, according to Google Trends data from the past 12 months.
@Galante97 when you create a TikTok to get a bunch of millennials and Gen Zrs rich to compete with curropt old rich people and it actually works #dogecoin #dogecointiktokchallange pic.twitter.com/2uuBTMVkoR— Adeptus Astartes (@RussianChiChi) July 7, 2020
Some of the videos on TikTok that encourage you to buy Dogecoin have garnered over 100,000 likes, while all videos with the Dogecoin hashtag have garnered millions.
The problem is that this trend does not really help to be taken seriously as an industry and that the crypto world is therefore receiving serious criticism for the latter viral trend.