Major gains from a fresh viral campaign in support of DOGE on TikTok resulted in an appeal to speculators arising from the @Dogecoin account. The meme-based crypto Dogecoin is cautioning traders from speculation after its price increased by 50% in 24 hours.
In a July 8 tweet, the @Dogecoin Twitter account controller told buyers to:
“be mindful of the intentions people have when they direct you to buy things”
DOGE has shot up in recent days due to the publicity campaign that involved viral videos on the Chinese social media network TikTok. The volume has also exploded by over 2000%. Google Trends has confirmed a flood of interest in how to buy the altcoin that is now 27th on the global market capitalization list.
According to reports, the excitement is mainly centered around trends dubbed “dogecointiktokchallenge” and “#dogecointiktokchallange.” Many TikTok users are posting videos of trading and performance and also inviting others to join in the trading. One video that has acquired hundreds of thousands of views calls on the markets to take DOGE/USD to $1.
Currently, the pair traded at a much more modest $0.042 which is still its highest since October 2018. However, for @Dogecoin the mood was somewhat not one of celebration. Its July 8 tweet read:
“Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising. Make choices right for you, do not ride other people’s FOMO or manipulation. Stay safe. Be smart.”
TikTok Overtakes Elon Musk As Dogecoin Main Supporter
“Dogecoin might be my fav cryptocurrency. It’s pretty cool”
He was responding to the @Dogecoin Twitter account where he even requested to become the Dogecoin CEO.
This altcoin is a hard fork of Litecoin that was launched in late 2013. Jackson Palmer, its creator, has publicly said that the crypto is a ‘joke’ but that has failed to deter the enthusiasm among buyers.
During the altcoin boom that sam most of the digital assets hit all-time highs in January 2018, Palmer published an article in Vice titled:
“My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong.”
For now, it is advisable to remain cautious before buying since even the creator is not confident about his altcoin.