Dogecoin (DOGE), a meme-based crypto-currency, warns traders against speculation after its price rose 50% in the last 24 hours.
In a July 8 tweet, the Twitter account manager @Dogecoin, called on buyers to „be aware of people’s intentions when they are directed to buy things.
According to one study, 89% are concerned about what happens to their cryptomoney after they die
Dogecoin for traders: stay safe, be smart
DOGE has shot up in recent days thanks to an advertising campaign that includes some viral videos on the Chinese social network, TikTok.
Volume has increased by more than 2,000%, while Google Trends, confirms an avalanche of interest in how to buy the altcoin, which now ranks as number 27 in the world by market capitalization.
An uncertain future for private stablecoins according to Petter Dittus
As reported by Cointelegraph, the excitement seems to be focused on the trends called „#dogecointiktokchallange“ and „dogecointiktokchallenge“.
TikTok users are posting trade and performance videos, while inviting more users to join them. With hundreds of thousands of views, one video even calls on markets to bring the for DOGE/USD up to USD 1.
At the time of this publication, the pair was trading at a much more modest price of USD 0.042, its highest level since October 2018.
For @Dogecoin, however, the mood was definitely not one of celebration.
„Consider the intentions people have when they direct you to buy things. None of them are in place to give financial advice,“ said the Wednesday tweet.
„Make the right decisions for yourself, don’t join the FOMO or manipulate other people. Keep yourself safe. Be smart.“
TikTok surpasses Elon Musk as Dogecoin’s ambassador
TikTok has already managed to generate significant gains for DOGE headlines in a way that surpasses even the influence of people like Elon Musk, who earlier this year began to express curious support for the altcoin.
„Dogecoin could be my favourite cryptospeak. It’s really cool,“ he tweeted in April in response to the @Dogecoin Twitter account asking him to become the CEO of Dogecoin.
Dogecoin increases by 20% thanks to TikTok’s „Pumping Challenge“
Dogecoin is a hard bifurcation of Litecoin, which was launched at the end of 2013. Its creator, Jackson Palmer, has publicly confirmed that the cryptomoney is a „joke“, something that has not managed to calm down the episodic enthusiasm among buyers.
In January 2018, during a heightened boom that saw many reach new all-time highs, Palmer launched an article in the technology news magazine, Vice, titled: „My cryptomoney joke reached $2 billion and something is very wrong.