Dogecoin TikTok Pump Explained
Dogecoin has been in the public eye as TikTok social media enthusiasts created a challenge that was trying to bring this popular cryptocurrency to $1. However, the hype around it, as well as the price has fallen notably in the past couple of days.
OKCoin CMO Haider Rafique said that “The Dogecoin TikTok effect is really down to the vitality of the TikTok platform, rather than the crypto industry because it thrives off of creating viral challenges. This is exactly the category in which this Dogecoin challenge fits”.
He added: “TikTok challenges come and go in very short cycles, and just by looking at the 20% drop in Dogecoin’s price in the last 24 hours, the trend has likely run its course already.”
TikTokers creating Dogecoin awareness
A viral movement on TikTok saw people buying Dogecoin, as well as urging their viewers to do the same. The ultimate goal of the effort was to send Dogecoin’s price to 1$. However, while the move did bring an increase to Dogecoin’s price, Doge’s price did not break above a penny during the challenge. During the TikTok movement, however, Dogecoin managed to double in price before going back down.
Dogecoin internet traction falls
Other than Dogecoin’s recent price plummet, other metrics are also hinting at Haider Rafique’s conclusion. Google Trends shows that searches for Dogecoin came back to a more normal level.
“We in the crypto market should be very careful of these viral moments as they detract from our long-term goal of creating a global and equitable financial system,” Rafique added.
