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Dogecoin increases by 20% thanks to TikTok’s “Pumping Challenge”

July 7, 2020

The Dogecoin cryptocurrency (DOGE) rose 18% in 24 hours and almost 20% in the last week. Price promotions take place as part of a viral challenge through the social network Tick ​​tack This encourages users to inflate the coin.

The most popular video with the hashtag #DogecoinTiktokChallange has collected almost half a million visits so far. It was published for five days by a user named jamezg97, and It effectively describes what a pump-and-dump scheme seems to be:

“Let’s all get rich! Dogecoin is practically useless. There are 800 million TikTok users, once it reaches $ 1, you’ll have $ 10,000. Tell everyone you know.”

In another video, a user was named kindashortidiot With a DOGE graphic in the background:

“Everyone, please listen to me. This is Dogecoin. If you don’t know anything about investing, it doesn’t matter. Bet $ 25 and it will be $ 10,000, ok? And if it reaches $ 1 you will have won ten thousand “Please try it out. Blow it up!”

Dogecoin increases by 20% thanks to TikTok’s “Pumping Challenge”Dogecoin increases by 20% thanks to TikTok’s “Pumping Challenge”

Another popular post under the hashtag #Dogecoin It is aimed at “some smarties who buy Dogecoin from Robinhood” and basically warns them against investing in DOGE, “literally a monopoly on money”.

Cointelegraph turned to TikTok to ask if this type of content met its guidelinesbut received no response until the time of publication.

Indeed, The crypto asset is trading at $ 0.002758, an increase of almost 18% in 24 hours. It ranks 33rd in the market capitalization of Coinmarketcap.

Elon Musk’s seal of approval

Dogecoin is a Litecoin (LTC) based crypto which was created by the American programmer Billy Markus and directly inspired by the “Doge” meme. Although was introduced in 2013 as a “prank” cryptocurrency, has managed to build a lasting community on Reddit and Twitter.

His most famous follower is the tech tycoon Elon Musk. In April 2019 Musk tweeted that DOGE “could be his favorite cryptocurrency” and that he finds it “very cool”. In a prank survey conducted on Twitter around the same time, the crypto community chose Musk as the best CEO candidate for the asset.