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Lets All Get RichTeen TikTok Traders Want To Send Bitcoin Rival Dogecoin Joke To The Moon

 


The world of bitcoin and cryptocurrencies was torched this week by the sudden rise of dogecoina joke” cryptocurrency that has doubled in value in the past two days thanks to videos posted on the controversial China-based app TikTok.

Dogecoin, an ironic Bitcoin rival named Tesla
TSLA
chief executive Elon Musk, his “favorite” cryptocurrency last year, is now worth $ 0.0046, up from $ 0.0023 earlier this week; making it a penny cryptocurrency equivalent.

The Dogecoin price hike was triggered by a viral TikTok video that garnered nearly 1 million views with David Portnoy of Barstool Sports.

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“Let everyone get rich,” said James Galante, TikTok user, to his relatively small number of 5,700 subscribers a video which has been viewed over 900,000 times. Galante’s Precedent video, also promoting dogecoin, has been viewed approximately 250,000 times.

“Dogecoin is practically worthless,” Galante told his global audience. “There are 800 million users of TikTok. Once it reaches $ 1, you will have $ 10,000. Tell everyone you know.”

TikTok videos, usually short, tightly edited clips featuring mostly younger people and often set to music, can attract a large audience even if the video creators have few followers. TikTok’s algorithm is good at capturing what people like and promoting it to a wider audience, which means that if a video is interesting, there is a good chance that it will be seen by many people.

TikTok, which has 37 million American users according to Statista, is potentially facing a nationwide ban after Secretary of State Mike Pompeo told Fox host Laura Ingraham this week that the Trump administration is “certainly considering” a ban and the download of the application would put “people’s private information into the hands of the Chinese Communist” Party. “

TikTok, which has been downloaded more than two billion times worldwide, was banned in India last week due to security concerns and also left Hong Kong after China imposed a new security law on the city.

TikTok, now run by a former Disney executive, Kevin Mayer, has said he would never share data with China.

But in the meantime, TikTok users continue to create and watch many dogecoin videos. There are now almost 10 million videos on TikTok with the hashtag “dogecoin”, many with views well in the 10s of thousands.

“We are sending dogecoin to the moon,” said a TikTok. user Said, pointing his phone at a computer screen showing rising financial charts.

Sudden attention pushed the volume of dogecoin trade by 1000% to its peak on Wednesday, according to CoinMarketCap The data.

Meanwhile, the TikTok-inspired Dogecoin rally caught the attention of Dave Portnoy, the founder of Barstool Sports, who turned to the stock market amid coronavirus blockages and massive stock price rallies caused by unprecedented intervention by the Federal Reserve.

“What’s going on with Dogecoin,” Portnoy asked viewers of his livestream Barstool Sports Davey Day Trader, adding that it “is not on bitcoin and litecoin” and other cryptocurrencies.

“Everyone buys this dogecoin. It’s a vacuum pump. Dogecoin is a sparkling rosé,” Portney told his viewers, a term he coined to mean a stock or product that works well.

The Dogecoin rally, somewhat resembling the craze for bitcoin and crypto at the end of 2017, comes after the popular stock trading app Robinhood has seen massive adoption by young people in recent months, many of whom are unemployed in because of the severe economic downturn caused by the coronavirus pandemic. .

However, the price of dogecoin is now only a fraction of the peak reached in early 2018. Dogecoin, as well as bitcoin and most other cryptocurrencies, have fallen sharply since reaching astronomical values towards the end of 2017.

Elsewhere, seasoned traders have also warned of people jumping on the dogecoin cart.

“This is the most transparent pump-and-dump scam I have ever seen, although I’m not even sure we can even call it a scam because everyone involved gets to know it’s a scam beforehand, “said UK-based Glen Goodman. trader and author of The Crypto Trader, said by email.

“TikTok’s videos urging people to bid on the Doge price remind me of some of the most egregious pyramid schemes in the world, where the sales pitch usually goes:” Look, we all know it’s a pyramid scheme which will eventually collapse, but you will be one of the winners who will collect money, while only subsequent entrants will lose money. “”

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A Twitter account associated with the cryptocurrency, @dogecoin, also warned potential buyers to beware.

“Be aware of people’s intentions when they ask you to buy things”, the unverified @dogecoin account with almost 150,000 subscribers published.

“None of them are there to advise financially. Make the right choices for you, don’t ride with others [fear of missing out] or manipulation. Stay safe. Be smart. “

For those wondering if they should buy Dogecoin now to try to get into the action, Goodman has strict warning words.

“In the absence of fundamentals to support it, the price of dogecoin will only increase as long as the first buyers who cash have new buyers to sell,” said Goodman. “Once the supply of willing suckers starts to drop, the price plummets.”

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