Dogecoin trading volume increases 1,900% thanks to TikTok

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Last Updated on 13 July 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Users of TikTok, the popular video app, discovered the power of their numbers when they reserved all the tickets for a Trump rally in the United States a few weeks ago and didn’t show up. This gave the TikTok users a lot of attention, and even respect, from political analysts and commentators.

This time, mostly young users have developed a new viral game that may be bad news for crypto. TikTok users have started investing in Dogecoin, the Shiba Inu meme-based cryptocurrency that was once founded as a joke.

Meanwhile, so much has been invested in DogeCoin by TikTok users that the coin’s trading volume has increased 2,000% in the last week.

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Speculation

Dogecoin is still a “joke cryptocurrency”, according to one of the founders, Jackson Palmer. The daily volume for the crypto has remained well below $ 5 million in the past two months until it suddenly exploded in the past week.

Worldwide search interest in how to buy dogecoin on search engines has also skyrocketed in recent days from a score of 25 to 100, the highest possible score for search popularity, according to Google Trends data from the past 12 months.

Some of the videos on TikTok that encourage you to buy Dogecoin have garnered over 100,000 likes, while all videos with the Dogecoin hashtag have garnered millions.

The problem is that this trend does not really help to be taken seriously as an industry and that the crypto world is therefore receiving serious criticism for the latter viral trend.