Trading volumes for the Shiba Inu meme-based cryptocurrency spiked nearly 2,000% in the last two days as videos on TikTok encouraged users to invest. The whimsical asset’s price climbed 35% to $0.035 over the same period. Some of the videos on TikTok, garnered more than 100,000 “likes,” while all videos with the “dogecoin” hashtag amassed several million.
Dogecoin is a “joke cryptocurrency,” according to one of its founders, Jackson Palmer. Daily volume for the cryptocurrency stayed well below $5 million for the past two months. However, TikTok videos have increased the volume more than 2,000%, while Google Trends confirms a flood of interest in how to purchase the altcoin, now 27th in the world by market cap.
As Cointelegraph reported, the excitement appears centered around trends dubbed “#dogecointiktokchallange” and “dogecointiktokchallenge.”
Source: Coindesk
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