‘Dogecoin Challenge’ takes over TikTok as DOGE price skyrockets
- DOGE price's recent surge was finally explained with the revelation of a TikTok challenge.
- A number of TikTok users started buying Dogecoin after they were encouraged that its price will grow.
- The purchase of DOGE became a challenge, and the price continues to get more and more inflated.
Dogecoin (DOGE) price recently started surging, rather abruptly and extremely strongly. The coin had its price increase by over 40% in only 24 hours. However, a curious thing was that nobody knew why.
Even more interesting, DOGE’s own Twitter account posted a warning against manipulation, noting that people should not blindly follow trends, and that they should know why they are investing in coins they are investing in.
Dogecoin challenge on TikTok emerges
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Finally, today, things are a bit clearer, and a picture of what had actually happened is beginning to form.
According to what is known, TikTok users recently started participating in a so-called Dogecoin Challenge, which grew to become such a major trend that it started manipulating the crypto market.
Dogecoin price started surging this Monday, going from $0.00232 all the way up through major resistances, until it reached $0.004800. Meanwhile, TikTok users continue to invest in cryptocurrency, driven by the assumption that they will make a lot of money if the coin hits $1.
This is unlikely to happen anytime soon, however, as DOGE’s current price sits at $0.004610. Besides, the coin’s highest worth ever was about a cent and a half, back in January 2018. Even the surge that took it this high up is barely noticeable if $1 were to become DOGE’s goal.
Meanwhile, as mentioned, Dogecoin’s Twitter account owner issued a warning against listening to people who ‘direct you to buy things.’
Who is doing this?
According to a CTO of ProChain Capital, Justin Litchfield, there are two major phenomenons now, that seem to have crossed paths. One of them is a large number of people stuck at home, who used to buy stock but have now decided to try out crypto. With the new challenge in front of them, they were quick to get Dogecoin.
The other is DOGE investors who tend to pump and dump the coin’s price for fun every now and then.
After all, DOGE itself started as a joke coin, made for fun, and based on a meme from 2013. Somehow, the coin managed to survive for 7 years, and it is still relevant, as proven by these events.