This significant price uprising has been attributed to a viral TikTok challenge that encourages users to get rich should the price of the digital token DOGE hits $1.
The Dogecoin (DOGE) TikTok Challenge
The popular video under the hashtag #DogecoinTiktokChallange has accrued relatively 500,000 views at the time of filing this report.
The video that described what is seemingly a pump scheme was started a few days ago by a user identified on TikTok as jamezg97.
“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,” jamezg97 shared.
A user identified as kindashortidiot also shared another video, captioning a DOGE chart.
“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!”
As soon as the video went viral, an independent and significant growth was noticed on the price of the digital currency DOGE in the market. It has since experienced about 20% price increase in the past week.
DOGE is presently ranked 33rd in the market according to CoinMarketCap. At the time of writing, DOGE is trading at $0.002707, with a 15.21% price upsurge based on 24 hours estimation.
Elon Musk Continues To Endorse Dogecoin (DOGE)
The popular CEO of Tesla, who is also the founder of SpaceX aired the acknowledgment of his position as the former CEO of Dogecoin (DOGE) sometimes in April 2020.
Musk made this revelation via the bio section of his official Twitter handle. And this alone made the crypto community wonder about the reason he has been keenly interested in the digital token DOGE. While the Dogecoin community members were impressed as always.