Tiktok and Dogecoin.
The viral power of a social media platform and the volatility of the crypto markets. This created a trend that sends the market crazy. Dogecoin has a 683% volume spike due to a Tiktok going viral encouraging people to buy Dogecoin.
Just this June, James Galante or jamezg97 as Tiktok user created a viral video "Let's Get Rich". The video proposes a value proposition that since Dogecoin is so cheap, anyone who has $25 can buy Dogecoin then wait for the price to reach $1 a coin and get $10,000 profit. It further stated that we have 800 million Tiktok users at the moment so it is easy for everyone to know and create a viral effect to achieve the said price.
The Price Skyrockets.
And viral indeed, just July 6 the price was $0.0023, it climbed to as high as $0.0052 per Dogecoin on July 8. It attracted even non-crypto users to try and buy this coin. The last seven days according to Google the search for "how to buy Dogecoin" is trending more than "how to buy Bitcoin". #DogecoinChallenge is still trending on Twitter and Tiktok.
The trend gets noticed by big markets that even Bitfinex is listing Dogecoin in its platform. At the time it even created and listed MegaDoge product or 1 million Dogecoin with $4500 value per MegaDoge.
More than a fun meme, this is a statement. It makes fun of the financial system. It is ultimately saying that money as we see it is, has no real value except people giving attention and agrees to accept it.
Just Watch or Participate?
How about you, would you like to take this ride? Please be aware of the risk. Just for the fun of it, I took about $180 worth of my Bitcoin yesterday and use it to buy Dogecoin. I am not waiting for the price to go up to $1 per Dogecoin but will sell it as soon as I double my Bitcoin's worth.
Will you just be watching on the sidelines? Trade with your spare money just like me? Or just like the Tiktok viral video, be a millionaire and get rich buying as many Dogecoin as you can.
Keep safe and have fun.
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