Dogecoin crypto currency flies. Why is that?

by admin .

The magic of social networks once again surprises us: Does Dogecoin fly? What’s happening with cryptomontage? Well, we told you that TikTok had something to do with it.

Dogecoin in review
Dogecoin goes viral at TikTok
For those who don’t remember, Bitcoin Evolution is a crypto currency that was inspired in 2013 by a meme as a mockery of Bitcoin. Therefore, it was born as an inspiration from social networks and now it is these that have catalyzed its flight.

Yes, that’s right. A video on TikTok has been the reason why the price of Dogecoin has risen by about 28% during the last 5 days.

In fact, through a CoinMarketCap graph we can see the steepness of the recent rise in Dogecoin crypto currency.

Graph obtained from CoinMarketCap where we can see the recent rise of Dogecoin

Chart obtained from CoinMarketCap where we observe the recent rise of Dogecoin
It all started after a social network user identified as jamez97 posted a video on June 28th in which he explained what could happen if everyone who saw that video invested in the cryptomoney.

Basically, the user explained what would become a Pump and Dump scheme. Therefore, the video encourages viewers to purchase $25 in the cryptomoney with the goal of increasing its value from $0.0023 to $1.

If that price increase goal is achieved, those who invested in the cryptomoney could make a profit of $10,640, but the scenario remains unlikely.

„Dogecoin is practically useless. There are 800 million TikTok users once it hits $1, you’ll have $10,000. Tell everyone you know!“

As we can see in the image, the video currently has 62.9K of likes, 4980 comments and has been shared 23.2K times. It’s crazy without a doubt.