Forget Bitcoin and Ethereum, Dogecoin (DOGE) has gotten an absolute rift in the last few days.
Just take a look at the table below, which shows that memes’ cryptocurrency has increased more than 150% in the past three days. At the time of this writing, it was trading at $ 0.048 but made a local high at $ 0.056 on Tuesday.
DOGE / USD chart from TradingView.com
Dogecoin, the “cryptocurrency of choice” by Elon Musk, CEO of Tesla, is benefiting from an influx of mainstream reporting driven by TikTok users.
A user on the platform with the nickname “Jamezg97”, whose profile picture is nothing more than the Dogecoin logo, posted a video last week in which the crypto is being chilled. It’s not clear if he was serious, but the user called the cryptocurrency a “stock” that is “practically worthless”. Jamez said if all TikTok users buy the asset and it increases to $ 1.00, you can “get rich”.
The video has gone semi-viral on the video sharing platform and other users have advised their followers to buy the cryptocurrency.
But Dogecoin has just hit a whole new level of notoriety with a mention of Jake Paul.
Dogecoin is mentioned by Jake Paul, Bloomberg, and others
According to a screenshot by Joe Weisenthal, a Bloomberg editor who has been tracking crypto for a long time, Youtuber Jake Paul is pumping “Dogecoin on Instagram”.
The screenshot shows the latest post on the personality’s Instagram story, a screenshot of the Dogecoin chart on Robinhood with the following comment:
“This is going to be crazy.”
Jake Paul pumps Dogecoin on Instagram HT @HeatherHabsburg pic.twitter.com/olTZ9Qbwp2
– Joe Weisenthal (@TheStalwart) July 8, 2020
Jake Paul has over 20 million followers on Youtube and millions more on Instagram.
It’s not just Jake Paul getting on the DOGE train.
Bloomberg – yes, the world famous business news publication – published an article on Dogecoin today. Crazy right
There is also Keemstar, a controversial news channel Youtuber. He also recently mentioned the meme cryptocurrency on social media and tweeted “Buy Dogecoin”.
An illiquid market
Dogecoin’s absurd price action is allegedly based on the fact that DOGE has illiquid market conditions.
One cryptocurrency trader commented:
“Many people point out that DOGE has a large circulating supply and assume that it is difficult to pump. That’s not true, not only is a good chunk of DOGE’s dormant + supply being lost, and on exchange orders, the orders are very small and the actual liquid market capitalization is significantly lower. “
Is anyone else getting 2017 vibes or is it just me?
Featured Image from Shutterstock Price Tags: dogeusd Charts from TradingView.com After 200% TikTok Pump, Jake Paul says DOGE is “going crazy”