Dogecoin prices skyrocket over 100% amid viral TikTok video challenge

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The meme coin has made its way to TikTok as Dogecoin has created hype among the users as well as generating phenomenal gains this week.

This year, some companies were trying to create an opportunity for the COVID-19 pandemic through the use of blockchain technology.

However, a mystery TikTok user who goes by the username jamezg97 just posted 2 videos last week hyping the “joke” cryptocurrency.

@jamezg97

If this ever hit a dollar I’d be loaded. Everyone invest so we can all get rich #duet #dogecoin #stocks #CantStopUsAll

♬ original sound – tradertoks

The first video showed 2 screens on the price chart of Dogecoin along with “a crazy thought” if people started buying the meme coin.

A few days later, a second video was also uploaded by the same user and the video said:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once it hits one dollar, you’ll have ten grand. Tell everyone you know.”

This was the time that the coin started to become viral through #DogecoinTiktokChallange. A few days after, Dogecoin spiked and the cryptocurrency community went ballistic this week as more TikTok users and crypto traders are joining the Dogecoin hype train.

This is the first time this meme coin spiked since its Binance listing last year. In fact, starting yesterday, this TikTok user is already encouraging his followers to inform the big names on Twitter.

@jamezg97

Tiktok users are all powerful! Tag @stoolpresidente #doge #dogecoin #stocks #crytpo

♬ Lets get rich tiktok – jamesgalante

#Dogecoin has now over 3 million TikTok views

A quick hashtag search on TikTok would suggest that #Dogecoin is suddenly making noise in the TikTok community hitting 3.6 million views as of this writing.

Furthermore, searching #Bitcoin in TikTok also showed that there are over 127 million views so it goes to show that the cryptocurrency community is thriving regardless of the platform.

@jamezg97

Tiktok keep proving @virtualbacon wrong! Show him your true power, we can all be rich. Doge to the moon 🚀 #dogecoin #doge @stoolpresidente invest.

♬ original sound – jamezg97

Another video from jamezg97 just uploaded a few hours ago saying that Robinhood investors are purchasing Dogecoin and treating it as a “stock”. Verifying the TikTok post a quick Twitter search suggests that they are indeed buying in the Dogecoin euphoria.

“Tesla’s participation” may help Dogecoin reach $1

With Dogecoin trending this week, a lot of Twitter users are now convincing Elon Musk to get into the hype.

Even one Twitter user is willing to donate to any charity if Elon Musk helps it bump the cryptocurrency to US$1 [AU$ 1.44].

Since the Tesla CEO has also been a fan of the meme coin, it’s either he hasn’t seen the trend yet or he secretly bought already but he’s not telling his followers about it.

If Elon Musk does buy in the Dogecoin euphoria, then this might be the best thing that has happened in the crypto community. He did receive his big paycheck this year after successfully completing his SpaceX project.

In addition, he also plans on building another Tesla Giga factory outside China to accommodate more electric vehicles.

Crypto traders may want to take advantage of the trend or just wait if the Tesla CEO does participate in the Dogecoin mania.

Images courtesy of Doge/Know Your Meme, TradingView

Alec Padua

Alec a former mobile app developer turned independent singer-songwriter and busker based in the Philippines, who goes by the stage name "Alex Corner". He has released songs on Spotify and other music digital platforms. A self-taught trader and financial market enthusiast, he also started his own YouTube channel and blog called "The Trading Comedy" where he documents his trading journey in the Philippine Stock Market and beyond. He is also a casual gamer and streamer who enjoys FPS, RPG, and strategy games as well as conducting live charting sessions in the financial markets.

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