Dogecoin has been on a hell of a rally over the past few days.
What's fascinating about this isn't Dogecoin's price performance, it's what triggered the brunt of the rally: TikTok.
Users of the social media application, which has grown to be one of the most famous in the world, have created the so-called "Dogecoin TikTok Challenge."
The premise of the challenge is to get everyone on TikTok to buy DOGE, thus increasing the price of the cryptocurrency by hundreds, maybe thousands of percent.
The TikTok challenge has spurred Youtuber Jake Paul, Bloomberg, Barstool Sport's Dave Portnoy, Keemstar, Gizmodo, and many other entities with large audiences to talk about Dogecoin as well.
The latest entrant: Tron.Tron and Justin Sun want in on the TikTok crypto craze.
There's no doubt that Tron and its founder, Chinese entrepreneur Justin Sun, are big on social media.
Although TRX could see an influx of mainstream popularity with the right TikTok trends and campaigns, the effect the social media platform had on Dogecoin's price action may be a one-time thing.
There's also the fact that Dogecoin is one of the only 18 cryptocurrencies on Robinhood, which is the only crypto platform that many TikTok users have easy access to.
Plus, DOGE has a culture around it that invites these weird challenges and social media mentions.
TikTok hype triggers 100% Dogecoin rally-and Tron's Justin Sun wants in
Publicado en Jul 9, 2020
by Cryptoslate | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.