The price of Dogecoin (DOGE) dropped significantly after social media enthusiasts touted the asset at Tik Tok for days to trade the asset for $ 1. According to OKCoin CMO Haider Rafique, the adventure shows signs of completion.
“The Doge / Tik-Tok effect relies more on the vitality of the Tik-Tok platform than on the cryptocurrency industry as it thrives on creating viral challenges, a category that fits this Dogecoin challenge.”Rafique told Cointelegraph on July 10th.
“Tik Tok challenges usually come and go in very short cycles. Given the price drop of 20% in the last 24 hours, it is likely that the course has already ended.”
Tik Tokers created a recognition for Dogecoin and raised its price
A viral move on the Tik Tok social media platform prompted people to buy Dogecoin and urged viewers to do the same.
The goal of efforts to send Dogecoin’s price to $ is a great accomplishment considering that the price, according to Cointelegraph price data, did not exceed a cent during the challenge. During the Tik Tok move, however, DOGE managed to double its price before falling again in the past few days.
Dogecoin Internet traction falls
In addition to the recent fall in Dogecoin prices, other indicators also point to the end of the trend. “Google Trends also shows that Dogecoin search has returned to a more normal level since its viral moment on Wednesday. [8 de julio]””Rafique said.
“We in the cryptocurrency market should be wary of these viral moments as they affect our long-term goal of creating a fair and global financial system.”he added.
DOGE also saw the inclusion of Bitfinex during the time of the currency in the spotlight, possibly marking at least some form of the long-term industrial effect that will result from the move.