Different TikTok challenges have become one of the distinguishing characteristics of this social network, but precisely one of those challenges has caused something unique: the rise of the Dogecoin cryptocurrency by 50% overnight.
Dogecoin is a very peculiar cryptocurrency, created basically as a parody of a volatile segment to the extreme, and that for many are pure speculation. Although it was created almost in a prank mode, Dogecoin has ended up becoming a fairly famous cryptocurrency, and in the last few hours, it has had a spectacular rise due to its momentum from the TikTok challenges.
A prank cryptocurrency with a very serious valuation
As indicated in Cointelegraph, the people in charge of this cryptocurrency, also known as DOGE, started a campaign with viral videos on TikTok that encouraged to promote the valuation of the currency through the activity of TikTok users, who responded to challenge # dogecointiktokchallenge.
The volume of purchases increased by more than 2,000% and services such as Google Trends confirmed the sudden interest in a cryptocurrency that before the campaign was valued at $ 0.0024 per DOGE and which is now around 0.0043, although it has reached 0.0053 .
Also read our article about best grocery app.
The rise is spectacular and in fact, it is the highest value of the coin since October 2018, but for those responsible for its creation the phenomenon is even worrying: “be aware of the intentions that people have when it prompts you to buy things”, they warned on Twitter. “Choose for yourselves, don’t get on the cart of others’ FOMO or manipulation. Be careful. Be smart.”
The phenomenon fueled by Dogecoin surpasses the result that even Elon Musk’s favorable comments had a few months ago. It’s still strange and almost absurd that even its own creator, Jackson Palmer, acknowledged that he created it “playfully” in 2013 when he launched it as a fork of Litecoin.
This Australian entrepreneur ended up writing an article in Vice in which he told how his cryptocurrency, created as a parody of this segment, had reached $ 2 billion valuations and confessed that “something is very wrong” when something like this ends up behaving as it has. Today the valuation has dropped to about 542 million dollars, but certainly the evolution of this cryptocurrency, without real support beyond the speculation of its users, is surprising. To be honest, all that fuss because of TikTok challenges is confusing to me.