Can Memes Pump Dogecoin Higher?
TikTok is one of the fastest growing social media platform of our time. The app is at the top of Google Play and Appstore downloads and it seems to be growing by the day. The app is mostly aimed at teens and young adults, but it is branching out to new demographics. One of those unlikely demographics would be traders and cryptocurrency enthusiasts.
Dogecoin & TikTok
A TikTok user called @jamezg97 uploaded a short video 5 days ago titled #DogecoinTiktokchallenge. In the video Jamezg97 said "Let's all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you'll have $10,000. Tell everyone you know." This was followed by memes and images of charts rising.
The video did indeed garner 442K views and gained 57K likes and many comments since it was posted 5 days ago.
While correlation does not necessarily imply causation, this could have been one of the reasons for Dogecoin's recent rise. Millennials and Gen Z seems more inclined to try trading as reported by MarketWatch and elsewhere. It is completely plausible that a fresh influx of videos and memes pushed Dogecoin upwards.
The Markets and Dogecoin
Dogecoin (DOGE) did indeed have a pretty impressive week. Its price managed to increase by 20% in the past 24 hours in both its dollar and BTC valuations. It is currently trading at $0.00281284 or 0.00000030 BTC. It is ranked #35 on CoinGecko and #33 on CoinMarketCap.
While DOGE is still far from the $1 target @JamezG97 mentioned, his video might be a show of force of memes on the markets.
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Written by Jonathan Ganor
Writer & cryptocurrency aficionado