Six months ago, Cash payment application Square Cash Launched a marketing campaign on TikTok, using the platform’s top performing influencers. Through the short-video sharing application, Square Cash raked in at least $150 million in revenue. Managing to introduce crypto to millions of TikTok users. Thanks to TikTok, the less popular crypto Dogecoin took 140 percent and more of a leap by simply asking people to follow the app challenge that encouraged users to invest in the digital asset.
While Square Cash may have made millions of profits in bitcoin during the fall of last year; the Dogecoin challenge promised users that they could make a lot of profits when the coin hits $1 market price.
Crypto’s performance over the last few weeks could be attributed to a study conducted by Grayscale on Bitcoin investors. The study has shown that at least a third of individuals who haven’t heard of Bitcoin would invest in the coin once they’ve heard about it.
For instance, no sooner had the TikTok Dogecoin challenge taken root on the platform than the keyword,-“How to buy Dogecoin? ‘Twitter and Google have begun to trend. In fact , by the end of yesterday, the coin had risen to more than $878 million , representing a 683 per cent pump in its average daily volume. Take a look at cryptocurrency 7 and 30-day cryptowatch charts. The patterns all indicate a bullish curve.
Cryptowatch’s social activity trends is currently witnessing massive dogecoin updates on Reddit, Twitter and Dogecoin community; ranging from phrases such as:
“Petition to make Dogecoin the official in-app currency of TikTok and Reddit. The Money of Memes!
“If we get this to .0006 tonight I’ll get a doge tattooed to my chest”
However, despite millions of trending TikTok Videos about Dogecoin, the owner of an official dogecoin account on twitter asked investors to take more caution while investing in the meme coin.
Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising.
Make choices right for you, do not ride other peoples FOMO or manipulation.
Stay safe. Be smart.
— Dogecoin (@dogecoin) July 8, 2020
Nevertheless, Dogecoin is here to stay thanks to the meme culture rooted in the Z generation and the Millennials. The prevailing market stimulus is not only eager to speculate on the direction the coin will take, but also willing to invest and reap profits if the coin hits $1.