Cryptocurrencies

Is Dogecoin more than a joke? – Cryptocurrencies

Dogecoin has been stirring up in recent weeks, becoming a real phenomenon on social networks. It is precisely the fact that this field is the one chosen to conduct its marketing campaign that makes it a special event. The TikTok application usually used for video sharing has thus become a first choice showcase for canine altcoin, reputed to be “the broken cousin of Bitcoin“. The lightness with which this promotion was carried out certainly contributed to its success, but also raised certain questions. Many wonder if it is not yet another buzz as we find many on social networks, to the point of qualifying the phenomenon of joke.


An Altcoin enjoying healthy development and long life

However, despite the backdrop and the doubts that remain, Dogecoin can be proud of having found a lawyer of first choice in the person of Jay Hao, CEO of the exchange OKEx. The latter did indeed positive comments about cryptocurrency as part of a survey by Cointelegraph. Invited to decide on new OKEx features related to Dogecoin, he recognized the light side in his recent campaign. However, he made a point of making it known that this cryptocurrency – originally really developed in joke mode – enjoyedhealthy development, longevity and characteristics not found in others altcoins.

The boss ofOKEx first recalled that the cryptocurrency which is one of the oldest has emerged thanks to a fork of Litecoin (LTC) in 2013. He went on to say that Dogecoin has proven an ability to make instant transfers for micropayments in a way that few major cryptocurrencies can boast of achieving. Mr. Hao also wanted to salute the prowess of the Dogecoin community in marketing. “The community and the sophistication of its marketing is admirable, in reality, the fact that any altcoin can attract so much attention shows a deep understanding of user psychology did he declare.

A controversial but effective campaign

Yes Jay Hao salutes the efforts of the Dogecoin community during the TikTok campaign, other celebrities have made less complimentary comments. Dave Portnoythe founder of Barstool Sports – for example recently described this campaign as a classic phenomenon of “Pump-and-dump“. For his part, Mr. Hao preferred highlight the benefits derived from the interaction generated by this phenomenon on social networks.

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He declares : This type of marketing is really extraordinary and shows just how small market cap altcoins are much easier to soar. That a short video with someone who says “Let’s all be rich” can double the price in just three days is really amazing. But having said that, soaring altcoin prices are actually a common occurrence and I’m not surprised anymore. “

A bit harsh judgment when we remember that this “small cap altcoin”Has 435 million market caps and solidly ranks 29th in the world ranking.

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However, for any phenomenon that is gaining momentum thanks to social networks, the time generally comes when delusional fervor fades to find other subjects of passions. That’s what some people in the industry fear when they take a closer look. Dogecoin.

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