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The ever-awaited altseason — a colloquial term for pumping altcoin markets — has arrived earlier than expected, if some analysts are to be believed.
Leading the pump is DOGE, the self-styled meme coin used by Shiba Inu dogs, with gains of over 20 percent on June 6. The surge is attributed to a viral TikTok video that seems to popularize DOGE to millions of users on the app.
#dogecointiktok challenge trends
DOGE is being shilled on TikTok, the controversial video-sharing application that was recently banned in India and Hong Kong.
#dogecointiktokchallege is a trending hashtag on the ByteDance-owned application. The first such video, accessible here, has amassed nearly 500,000 views at the time of writing.
The modus operandi is simple. Buy DOGE until it reaches $1 (the coin trades at $0.002 at press time). If 800 million TikTok users do the same, the investment will be worth over $10,000.
With no supporting technical or fundamental factors behind the surge, it’s all but a pump and dump scheme. The hashtag was first used by TikTok user “jamesg97,” who doesn’t shy from their intentions:
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”
And it seems to be working so far. DOGE is up over 20 percent at press time, bringing several to tweet in the regard:
$DOGE is pumping, altseason finally confirmed pic.twitter.com/9ovZxd5ye4
— Jonathan Habicht (@HabichtJonathan) July 7, 2020
Analysts call an altseason
Jokes apart, some analysts and traders believe the pump marks the start of the ever-awaited altseason.
Blockfyre lead analyst @Pentosh1 said Bitcoin dominance broke a critical three-year downtrend, one that presumably marked the end of a bearish period.
$DOGE is pumping. $BTC dominance is falling and has broken a 3 year downtrend. It’s #altseason. Few understand this
— ₿ Pentoshi (@Pentosh1) July 7, 2020
As per CryptoSlate market data, Bitcoin dominance is at 63 percent, down 5 percent from last week’s 67 percent level.
Analyzing the top-50 altcoins, digital tokens have gained between 1-15 percent. DeFi token Aave and blockchain agnostic protocol Chainlink each showed gains of 15 percent. The latter’s oracle network was deployed this week on a nationwide blockchain project in China, but LINK does not feature in that.
Fundamentally, most sub-100 ranked altcoin projects have not rolled out to global audiences, don’t have a working application, or haven’t seen any meaningful activity to justify a pump.
But seeing as crypto was pre-2018 during the historical bull run, the market could be catalyzed by retail shilling and TikTok videos alone. There’s no one to stop that.
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