It’s crazy how a social media challenge resulted in a surge of the value of the Dogecoin by 16%. We know that any new trend in the market just astonishes the crowd and they all tend to follow it.
TikTok is all over the news because of its recent challenge that triggered its followers to invest in Dogecoin. A TikToker named James Galante seemingly started the challenge on Tiktok’s platform with a catchphrase let’s all get rich! Dogecoin is practically worthless.
There are 800 million TikTok users. Once it hits $1, you’ll have $10000, Tell everyone you know. He urged the users to invest in Dogecoin with just $25 claiming to push the value of the coin to $1.
Dogecoin saw an overnight drastic appreciation of 26% since the viral. The market capitalization also increased to $357 million. The current value of the price stands to $0.004290 per coin as of today.
Dogecoin Twitter Account also took things into consideration and warned the investors to not be influenced by such running challenges and consider the position of the altcoin to increase.
Dogecoin has always been in the news due to its fun meme logo.
Also read The Story Behind Dogecoin!
Elon Musk on Dogecoin
The founder and CEO of Tesla and SpaceX, Elon musk’s tweet on Dogecoin in the year 2019 spiked several searches on Dogecoin.
He has expressed his interest in Dogecoin in several events.
The Dogecoin account had asked the followers on who should be the next CEO of the Dogecoin and listed some of the potential candidate’s names like Vitalik Buterin, Charlie Lee, Marshall Heyner, and Elon Musk.
Musk won the vote of the public by 54%. This heated the rumor and speculation that Elon Musk could be the next CEO of the Dogecoin Cryptocurrency.
He was also noticed for his collaborative efforts made with the Dogecoin creators in fighting against the cryptocurrency scammers on Twitter.
Musk has been open to speaking about his opinions on Cryptocurrencies. He complimented Bitcoin stating that its structure is “quite brilliant” and said that the coin is “a far better way to transfer value than pieces of money”- Sourced by Coin360.
He was seen making cryptic statements on Cryptocurrencies claiming that “Crypto is his safe word”.
Dogecoin became the widely used cryptocurrency after its launch in 2013.
The Dogecoin Community holds a foundation that facilitates the use of Dogecoin through charities. The Community raised $50,00 during the 2014 Winter Olympics for the Jamaican Bobsled Team and also raised funds for Shiva Keshavan, the second Sochi Athlete.
The Dogecoin foundation led by EricNakagawa collected a donation of $30,000 to build a water tank in the river basin of Tana in Kenya in cooperation with Charity: Water.
The community managed to sponsor the NASCAR driver Josh Wise on 25th March 2014 with a fundraise of $55,000.
Final thoughts !!
Dogecoin became the widely used cryptocurrency after its launch in 2013.It has a history of Volatility but with the recent surge and all the other scenarios, the fact cannot be denied that Dogecoin being a meme currency has pulled the attention out from the other leading currencies currently and skyrocketed its value. Though it stands as the 33rd ranked coin, it is seen to hold a place in the bull and bear market.
Well only time will prove how far Dogecoin will reach! Will Dogecoin Be a Good Investment in 2020?