A viral video on Tik Tok has increased Dogecoin’s transaction volumes. Even if the application risks being banned shortly, by the administration of Donald Trump, it has allowed Dogecoin to reach 30th place among cryptocurrencies.
Viral video on Tik Tok causes Dogecoin volumes to increase
” Let’s all get rich! Dogecoin is practically worthless. There are 8 million Tik Tok users. Once it reaches $ 1 you will have $ 10,000. Tell everyone you know ”. These are the words of James Galante, a TikTok user, which encouraged its subscribers to buy Dogecoin in June. He then raised the possibility for ” all to get rich “If a sufficient number of people was investing $ 25 in cryptocurrency.
Following his video, which quickly went viral, the sum total of Dogecoin exchanges reached 878 million dollars in 24 hours. This represents 683% increase compared to last year’s volume of purchases. The price of cryptocurrency as for him climbed 71% because of this trend. Thanks to this Tik Tok challenge, the market capitalization of cryptocurrency is today significantly close to 500 million dollars, even if it’s still far from the king of cryptocurrencies, Bitcoin (BTC).
However, Anil Lulla, former analyst at Bloomberg and co-founder of a research center dedicated to cryptocurrencies believes that: ” the recent increase in Dogecoin … should remind everyone that the most popular use of cryptocurrency is still purely speculation “
Note however that on Tik Tok, most videos with the hashtag “Dogecoin” get millions of “likes”. It’s not harmless. It must be recognized, however, that a certain trend in social media could lead to an overvaluation of crypto assets.
Source of geopolitical conflict or not, Tik Tok benefits Dogecoin.
The US government plans the ban Chinese apps like Tik Tok, for suspicion spy, in a more general context of trade war between the USA and China. However, the largest number of users of this application resides in China. In addition, India totals 43.7% of downloads in 2019. We can conclude that there are therefore little chance that the trend will become global. But in the meantime, it benefits the Dogecoin.
While waiting for Tik Tok to be banned in the USA, Dogecoin takes the opportunity to climb in value and that’s all good! And to find out a little better about Dogecoin, the “broken cousin of Bitcoin”, it’s here!
In the crypto-bath since 2017, both much too late but quite early from the point of view of my future grandchildren ????
Writer, Amateur Trader, Ethereum and NEO-compatible