Elon Musk’s Fav Crypto Dogecoin Volume Soars Nearly 2000% in 48 Hours on Viral TikTok Video

UTC by Tolu Ajiboye · 3 min read
Elon Musk’s Fav Crypto Dogecoin Volume Soars Nearly 2000% in 48 Hours on Viral TikTok Video
Photo: Shutterstock

Following a trending TikTok video, Dogecoin (DOGE) volume has surged. Many internet users are now searching for “how to buy Dogecoin.”

According to an analysis by Messari, the trading volume for Dogecoin (DOGE) has increased 1,900% in two days. This is a result of a trending TikTok video that has been encouraging users to invest in Dogecoin. The video titled “Let’s all get rich!” was posted by a TikTok user, James Galante. In the video, James said:

“Let’s all get rich. Dogecoin is practically worthless. There are 800 million TikTok users, invest just $25, once the stock hits $1 you have 10grand, Tell everyone you know.”

The video has pulled over a million views and almost 60,000 likes. With nearly 5,000 comments, the video is catching the attention of a huge audience, and the Dogecoin price has soared 35% to $0.035 in the last five days. Formerly ranked as the 33rd largest coin on the 7th of July, Dogecoin is presently the 27the largest cryptocurrency by market cap.

A former analyst at Bloomberg and co-founder of Delphi Digital, a cryptocurrency research firm, Anil Lulla said:

“The recent rise of Dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation.”

Dogecoin Global Search

In addition to the recent growth of the Shiba Inu meme-based cryptocurrency, google trends data has recorded a 75% increase in global search for “how to buy Dogecoin.” This recent development occurred within the first few days the TikTok video was uploaded. The increase points to the fact that many people are showing interest in the cryptocurrency and seeking knowledge on investment steps to take.

On July 5, major crypto exchange Binance announced that it will list DOGE on its exchange. The Binance announcement specified five trading pairs, including DOGE/BTC, DOGE/BNB, DOGE/USDT, DOGE/USDC, and DOGE/PAX. In response to the announcement, DOGE surged to $0.004324, climbing more than 34%.

Dogecoin Development over Years and Current Volume

Dogecoin is a digital currency that enables users to easily send money online. It was founded in 2013 by Jackson Palmer and Billy Markus. Even though the founders abandoned it, Dogecoin gained more recognition in 2015 because of its low prices and low transaction rates.

Over the years, Tesla CEO Elon Musk has repeatedly revealed his interest in the asset, making several comments about the cryptocurrency on Twitter. In 2019, the Tesla CEO posted a tweet declaring Dogecoin as his favorite cryptocurrency. Apart from calling Dogecoin his favorite asset, Elon Musk once posted a now-deleted tweet, saying “throw a dogecoin to ur witcher.” Celebrating his 2019 birthday on the 3rd of March, the Tesla CEO tweeted a picture of a Dog with the caption “Dogs rock”, depicting the Dogecoin logo. Not long after, he posted another tweet saying, “They have the best coin.”

According to CoinMarketCap, Dogecoin is presently trading at $0.003925. After dangling between $0.003259 and $0.002600 the company finally closed $0.30905 on the7th of July. Dogecoin’s present 24-hour volume is $806,934,382 USD. 

Altcoin News, Blockchain News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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