TikTok Let the Doge Out: Why TikTok Doge Is Everything About 2020 Finance in One Story

Posted by andrei68 Yarushin on July 12, 2020 - 7:26am

After a week of viral videos on TikTok, dogecoin is up 35% in price and 2,000% in volume. What gives?

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This episode is sponsored by Bitstamp and Crypto.com.

What’s old is new again!

What happens when you combine a mostly hibernating memecoin with the world’s most powerful (and controversial) meme platform, and throw in a new generation of daytraders that have become convinced that they can drive the price of anything up?

The great TikTok Doge pump of 2020, of course.

In this episode, NLW breaks down:

The history of dogecoin
How TikTok became one of the most popular, influential and controversial apps in the world
Why the r/WallStreetBets, Davey Day Trader Global Global and Robinhood Rally day trader movement perfectly set up this pump
How #TikTokDogecoinChallenge began to trend
What has happened to dogecoin since the trend started
Why this all makes a weird sort of cynical sense

TikTok Fans Aim to Inflate Dogecoin

The viral TikTok trend #DogecoinTikTokChallenge brought the 2013 meme coin back into the game. User @jamezg97 posted a 10-second video that calls on 800 million users to invest $25 into dogecoin to inflate the coin’s price to $1 to “get rich”. His video has now amassed up to 800K views and trading volume for Elon Musk’s “fav” coin spiked 2000%. The Breakdown host NLM tells the most 2020 story of TikTok and Doge.

Volume 90%

TikTok as a launchpad for viral music:

Modern day trading on Fox Business: