Traders of Dogecoin have experienced a major rise in the volume of this “joke” cryptocurrency as TikTok users shared viral videos encouraging people to invest in the coin. As a result, over just two days the trading volume of Dogecoin rose by 1,900%. At the same time, the price of the coin rose by 35% and reached $0.035, according to CoinDesk.
Jackson Palmer, one of the Dogecoin’s founders, admits that the cryptocurrency was created as a joke. That is why experts understand the sudden interest of TikTok users. For the past two months, the trading volumes of the cryptocurrency did not rise above $5 million. However, now things might change thanks to social media.
There is also an increase in searches on how to buy Dogecoin. Apart from that, in just these past few days the coin has reached the highest search score possible on Google Trends. On TikTok itself, the videos about Dogecoin gain an unprecedented number of likes. Just the hashtag alone has collected millions of reactions from the users.
Dogecoin cryptocurrency is based on the famous meme with Shiba Inu. Although it might have started as a joke, it is gaining popularity and carries a different, yet still important, value for its users.