Who Let the Doge Out? A Viral Video That Caused a Purchasing Spree
This week, the Doge TikTok challenge made a big splash within the cryptocurrency world.
All it took was a one-minute TikTok video with the words from influencer James Galante, “Let's all get rich” for the price of Dogecoin to soar within hours of its posting. As reported from Business Insider, Galante claimed “they could all get rich” if enough people invest $25 in the coin. After that, the buying spree for dogecoin began.
First thing’s first, you might be wondering what Dogecoin even is. We break down, in our blog post the facts about the currency that started out as a joke, ‘What is Dogecoin (DOGE)?’.
So, what exactly happened this week? With more than 537,000 (and counting) views of the video from TikTok influencer James Galante, it skyrocketed related search interest for Dogecoin to ultimately reach trending status – so much so – that “the coin briefly hit its highest level since October 2018,” through this currency push according to Business Insider.
Is this the case of what’s old is new again for the ‘meme of crypto? I.e. is it a repeat of Dogecoin investors starting a ‘pump and dump’? Or is there something bigger going on in the cryptocurrency world?
To say that more people know the name Dogecoin would be an understatement. According to Nairametrics “global search interest on ‘How to buy a dogecoin’ has skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days” with #dogecoin videos collecting millions of views and likes.
Because no limit exists for the amount of Dogecoin that can enter the market, this could affect the worth of Dogecoin over time and make the coin vulnerable to a correction.
Notably, during this spending hype, we saw a 24-hour volume change of 424111 units (as of July 10th) with a high of 0.00640.
Here at NDAX, we offer Doge as one of eight currencies you can trade when you sign up with an NDAX account.
If you are based in Canada and looking for a Canadian Dogecoin exchange, then take a look at NDAX. NDAX is an easy-to-use, beginner-friendly exchange that can give you easy access to trade Dogecoin and other cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, Cardano, EOS and Stellar.
Disclaimer: The opinions and analysis expressed in this article are not to be considered investment advice. The information contained herein is for information purposes only is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.