Dogecoin Is 'Not a Joke,' Says OKEx CEO Jay Hao

Hao pointed out that DOGE enjoys healthy development, longevity and features that cannot be found in many old-time cryptos.

Listen to article Jay Hao - CEO of major crypto exchange OKEx - made positive remarks about meme cryptocurrency Dogecoin.

When answering Cointelegraph's recent inquiry concerning new Dogecoin-related OKEx features, Hao made it clear that he has a rather positive view of the cryptocurrency.

"Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity."

Hao explained that Dogecoin, which was born of a Litecoin fork in 2013, is one of the oldest cryptocurrencies.

"The community and the sophistication of its marketing is admirable that any altcoin can command so much attention shows a deep understanding of user psychology."

Hao's praise for Dogecoin's community-driven marketing efforts follows a TikTok DOGE pump campaign conducted earlier this month.

"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."

"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 recommended trading sensibly and only invest the amount of money that one can afford to lose, but admitted that "With bitcoin's lack of volatility at the moment, people are looking to altcoins to realize trading gains." Just a couple days ago, OKCoin's chief marketing officer, Haider Rafique, said that he believes the campaign has run its course.