Dogecoin surged by almost 20% over the past week due to a viral TikTok challenge which encouraged users to get rich if the price of the coin hits $1. In our latest Dogecoin news, we take a closer look at the price analysis.
Dogecoin surged almost 18% in the past day and almost 20% over the past week. The price action is now happening thanks to the viral TikTok challenge that encourages users to boost the coin’s price. The popular video under the hashtag #Dogecoin TikTokChallenge has gathered more than a million views so far and it was posted a few days ago by a user name jamezg97, describing what seems to be a pump scheme:
“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.”
Another user kindashortidiot said:
“Everybody, just please listen to me. This is Dogecoin. If you know nothing about investing, it doesn’t really matter. Go put $25 into this and that will be 10,000, okay? And if this reaches $1, you will have made ten grand. Please, just try it out. Go pump it!”
Another popular entry under the hashtag #Dogecoin addressed to smart asses by buying Dogecoin on Robinhood and warned against investing in DOGE because it was considered monopoly money. The asset is now trading at $0.002758 which is an increase of 18% in 24 hours and ranked number 33 by market capitalization on Coinmarketcap.
Dogecoin was created by a United States-based programmer Billy Markus as a joke, inspired by the doge meme. Despite being introduced as a “joke” cryptocurrency back in 2013, it has managed to create a sustainable community on Twitter and Reddit. It’s most popular supporter is Elon Musk when in 2019 he tweeted that DOGE could be his favorite cryptocurrency and that he finds it to be extremely cool. In a poll that happened on Twitter around the same time in 2019, the crypto community voted Musk as the best CEO candidate for the cryptocurrency.
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
New research unveils that mining Dogecoin (DOGE) is more profitable compared to mining Bitcoin Cash (BCH) as well as other coins. According to data from the crypto analytics firm Messari shared in the crypto news, BTC and ETH miners are pocketing over 99% of all fees generated by the broader crypto-mining ecosystem.
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