Cyprus Mail
Business Cryptocurrencies

TikTok challenge boosts Dogecoin price

A TikTok trend is fueling a dramatic price rise in the so-called joke currency Dogecoin.

For the past week, TikTok members are sending messages like ‘Buy Dogecoin; make us all rich,’ or ‘Dogecoin is worth it, I swear!’

The price of the so-called ‘joke crypto’ has risen by 40 per cent in a few days.

Analysts say that people stuck at home are trying out all kinds of new investments, using discount apps like Robinhood to invest in stocks, for example. But others say that TikTok members are just having a good laugh at the financial system.

But the trend is escalating. In a  video, which collected 800,000 views since its upload last week, @jamezg97  gives an exalting sales pitch for investment in Dogecoin.

“Let’s all get rich. Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits one dollar you’ll have 10-grand.”
The trend has become so active, that TikTok has posted tweets warning users to be careful with their money.

Dogecoin was created after a Japanese kindergarten teacher posted an arresting image of her dog on the Web, and called it a ‘doge.’

Introduced as a “joke currency” on 6 December 2013, Dogecoin quickly developed a large following and reached a capitalization of $60 million in January 2014.

Dogecoin was created by programmer Billy Markus from Portland, Oregon, who wanted to create a “fun cryptocurrency” that could reach a broader demographic than bitcoin. Jackson Palmer, a member of Adobe Systems’ marketing department in Sydney, Australia helped make the idea a reality. Palmer purchased the domain dogecoin.com and added a splash screen, which featured the coin’s logo and scattered Comic Sans text.

There is, however, nothing funny about the coin’s success. Today, it has a market cap of close to $500 million, although the price is currently $.003908. This makes it cheap to invest in, and the currency has gained traction as an Internet tipping (gratuity) system, in which social media users give Dogecoins to users who provide clever content.



Related posts

Holiday company TUI loses $1.3 billion as pandemic wipes out revenue

Reuters News Service

German companies forecast business return to normal in 11 months

Andrew Rosenbaum

Turkish minister says cheap lira doesn’t matter

Reuters News Service

Marijuana for medical use sees slow take-up, investment in Cyprus

Gina Agapiou

Global markets higher; gold near $2,000 again

Reuters News Service

From carats to peanuts: how a pandemic upended the global diamond industry

Reuters News Service