In the last week, Dogecoin (DOGE) had experienced a rapid surge of 20% as a result of a viral TikTok challenge.
Under the hashtag #DogecoinTiktokChallange, user jamezg97 asked users to invest $25 and tell everyone to do so with the hope that the coin could hit $1 in value and make people rich. Other users posted the same sentiment, even saying “Go pump it!”
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But now the run has come to an end, as Dogecoin’s value appears to be on a decline. The token is now valued at $0.003, down from its 30 day high of $0.005.
OKCoin CMO Haider Rafique said that the episode is coming to an end, as the virality of TikTok challenges often operates in short time frames. He said,
TikTok challenges tend to come and go in very short cycles, and looking at the 20% drop in its price in the last 24 hours, it has likely run its course already.
Dogecoin is widely considered to be a joke coin, being literally based on the doge meme. It has been on rollercoaster periods of price - most notably after Tesla and SpaceX CEO and founder Elon Musk jokingly said that it was his favorite cryptocurrency after Dogecoin elected him as the “best candidate for CEO” on April Fool’s Day 2019.
