As you all saw in the crypto community news, dogecoin pumped huge because of a viral tiktok video challenging tiktok users to buy dogecoin and pump it up to 1USD giving them a large amount of return. Not only did the video go viral but dogecoin pumped 100%. But will it really reach 1USD?
Dogecoin was created in 2013 as a fun cryptocurrency that could attract more people to cyrpto and has a Japanese dog breed called shiba-inu as its mascot. For most in the cryptocommunity, its just a joke cryptocurrency and practically a worthless coin. But as of late, it is mostly used for tipping in various websites. Tiktok on the other hand, is a video-sharing social networking service which has about 800 million users worldwide.
But how does this viral video affect not just dogecoin but the whole crypto world? As the video went viral, a lot of tiktok users that did buy dogecoin will expect a huge ROI. Whether or not Doge reaches 1USD, a lot of these users will have their attention on dogecoin. Which will lead them to learn more about bitcoin, alt coins, crypto trading and hodling.
In the digital age, when a challenge is posted through any social media platform, it just takes a matter of time for it to go viral. So is the Dogecoin challenge good? No. Because its just a form of a pump and dump scheme that attracted newcomers to crypto trading but i guess it's also good in general because it opens a new door for this tiktok users to explore the world of cryptocurrency and for a lot of us waiting for the next bull run and alt season, this is good. You know as the saying goes, "bad publicity is always good publicity."
I do hope Dogecoin devs would take advantage of this free publicity and get to talk to tiktok devs for a joint project, thats where we'll probably see a real increase of doge price but thats just a thought. hehe
