Meme-based cryptocurrency Dogecoin is warning traders against speculation after its price gained 50% in 24 hours.
DOGE has shot up in recent days thanks to a publicity campaign involving viral videos on Chinese social media network TikTok.
Volume has increased more than 2,000%, while Google Trends confirms a flood of interest in how to purchase the altcoin, now 27th in the world by market cap.
As Cointelegraph reported, the excitement appears centered around trends dubbed "#dogecointiktokchallange" and "Dogecointiktokchallenge."
TikTok users are posting videos of trading and performance, inviting others to join them.
With hundreds of thousands of views, one video even calls on markets to take DOGE/USD to $1. At press time, the pair traded at a much more modest $0.042, still its highest since October 2018.DOGE/USD price chart.
"Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising," Wednesday's tweet read. "Make choices right for you, do not ride other peoples FOMO or manipulation. Stay safe. Be smart."
TikTok has already succeeded in delivering gains for DOGE holders in a way that beats even the likes of Elon Musk, who earlier this year began voicing curious support for the altcoin.
Its creator, Jackson Palmer, has publicly confirmed that the cryptocurrency is a "Joke," something which has failed to quell episodic enthusiasm among buyers.
In January 2018, during an altcoin boom that saw many assets hit all-time highs, Palmer released an article in tech news magazine Vice titled, "My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong."
TikTok Sends Dogecoin Price to 2-Year High as Twitter Says 'Be Smart'
gepubliceerd op Jul 8, 2020
by Cointele | gepubliceerd op Coinage
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