The TikTok Pump
Dogecoin (Ticker: DOGE) went viral in the past two days on TikTok with the hashtag “#dogecointiktokchallange”. Millennials/Zoomers are posting videos about this asset being ‘very cheap’ and that buying $25 worth equates 10,000 coins. This irresponsible and misleading claim has sent the asset on a 100%+ pump.
Unfortunately, many may be soon buying the top and regretting decisions. Even the Twitter account handler of Dogecoin warned people against this.
Originally, Dogecoin was created as a joke based on a meme. Most cryptocurrency traders and investors are aware of this asset which serves no specific purpose and utility. Unfortunately, this behavior proves how much further the cryptocurrency asset class has yet to go as it remains highly speculative and manipulated. This new type of manipulation by sending content viral has made the trading volume jump by 8 times from inexperienced individuals which almost always ends badly.
Jumping on the Trend
Justin Sun, the founder of Tron, also sometimes referred to as a marketing genius seems to not be letting this train pass without hopping on it. Earlier today he tweeted: “Starting today, we’ll focus on more TIK TOK content…stay tuned for #TRON videos going viral! #TRON @tiktok_us”.