The coin’s ascent to its highest level since October 2018 was accompanied by almost a 2,000 percent increase in its daily trading volume.
The power of TikTok
Its monumental price rally was driven by viral and semi-viral videos on the TikTok app that started getting coverage on June 7.
DOGE eventually surged to its local high of $0.00559 at 3:07 UTC on the Binance exchange before retracing.
The DOGE price corrected 34 percent in the span of 41 minutes before TikTokers came to the rescue.
Barstool Sports blogger and self-proclaimed ‘Vape God’ Tommy Smokes claims that he could turn his $850 into $850,000.
The participants of the #DogecoinTikTokChallange do not plan to cash out until Dogecoin hits $1.
It’s not a pump-and-dump
Elon Musk’s favorite cryptocurrency, which was inspired by a popular meme with a Shiba Inu dog, is no stranger to explosive price spikes that end up fading away.
However, Insider Monkey co-founder Meena Krishnamsetty believes that it’s not a typical pump-and-dump scheme, comparing the Dogecoin frenzy to Robinhood traders buying battered-and-beaten stocks.
‘It is more like a stock manipulation scheme where the participants are mostly aware of the risks and willingly participate.’