By Solomon Odunayo
Jay Hao, the CEO of OKEx exchange, has claimed that the digital token created out of meme, Dogecoin (DOGE) has enjoyed development, longevity, and features that cannot be found in other old and top cryptocurrencies.
He believes that Dogecoin (DOGE) can achieve instant transfer for micropayments better than many top digital currencies.
He said this when answering Cointelegraph’s recent inquiry regarding new OKEx features related to Dogecoin. During the conversation, Jay Hao showcased his positive view of the digital token.
He noted:
“Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.”
Hao also added that the way DOGE is “used for tipping on Reddit and Twitter has shown that it can achieve instant transfer for micropayments in a way that not many major cryptocurrencies can.”
Talking about the marketing ability of the Dogecoin community, he said, “The community and the sophistication of its marketing is admirable, in fact, that any altcoin can command so much attention shows a deep understanding of user psychology.”
Hao further referenced the controversial TikTok campaign started by a Dogecoin community member a couple of days, which resulted in a significant price increase experienced by the cryptocurrency.
The TikTok challenge video that later became the most popular was posted under the hashtag #DogecoinTiktokChallange, coupled with a post that says:
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.”
Many crypto big guns tagged the positive result of the challenge as a pump and dump, but the OKEx CEO sees this differently.
He said:
“This type of marketing is truly extraordinary and shows how lower market cap coins are a lot easier to skyrocket the price. That a short video with someone saying ‘Let’s all get rich’ can double the price in just three days is really quite astounding. But that said, altcoin prices soaring is actually a matter of common occurrence and I’m not surprised by it anymore.”
Hao also believes that “with bitcoin’s lack of volatility at the moment, people are looking to altcoins to realize trading gains.”