The price of Dogecoin (DOGE), a cryptocurrency created as a meme, has jumped over 20% in the last 24 hours thanks to a TikTok video asking users to buy the cryptocurrency so every TikTok user can “get rich.”
In a TikTok video that has since gone viral, user James Galante asked every Tiktok user to invest $25 in Dogecoin, which at the time would give investors 10,640 DOGE. The goal was to pump the cryptocurrency’s price to $1, so the invested $25 would turn to $10,640, giving investors a return of over 42,000%.
This TikTok video appears to be behind a #Dogecoin pump. $DOGE is up over 21% in the last 24 hourshttps://t.co/bzl0GzErMV
— Francisco Memoria (@FranciscoMemor) July 7, 2020
At press time, the video has over 57,000 likes and 4,000 comments, with several users reacting to the video claiming they invested as a “joke” but are now up on their investment. James Galante himself has published a follow-up video trying to raise more awareness, asking users to use the Dogecoin logo as their profile image.
In the video, the TikTok user also informed others they can invest using Robinhood. At press time, CryptoCompare data shows the price of the cryptocurrency rose over 20% in the last 24-hour period, going from $0.002012 per coin to $0.002835 in said period. The pump saw DOGE come out of a downward trend that it was enduring since May.
Overall the movement that was created, under #DogecoinTikTokChallenge has attracted over half a million views and over 58,000 likes. The investments, it’s worth noting, could lead to a pump and dump similar to those one would see on other altcoins or penny stocks.
While the TikTok video is now putting the cryptocurrency back on the radar, Dogecoin was once a popular cryptoassets that was used for charitable donations. Dogecoin supporters have, in 2014, raised $25,000 to help the Jamaican bobsleigh team attend the Winter Olympics in Sochi, and have raised $55,000 to support NASCAR driver Josh Wise, among other things.
Featured image by Kon Karampelas on Unsplash.