Market volumes for the Shiba Inu meme-based cryptocurrency surged 40% in 24 hours as TikTok inspired users to invest, the Bloomberg reported. The fickle asset prices soared 35% to $0.0035 in two days period, Bloomberg reported.
According to Bloomberg, Jackson Palmer, one of the founders of Dogecoin stated that the digital currency started as a “joke cryptocurrency.” In the most recent TikTok trends, users are urged to invest money, acting under the presumption that there is no serious money made if the coin’s value hits $1. Currently, it sits at $0.0039.
TikTok users are seeking a viral challenge as they try to buy the coin to boost its value. TikTok user James Galante has been requesting his followers to by Dogecoin since last month, claiming that they can get rich. The actual aim is to get people to invest $25 in the Dogecoin to push up its value to $1 a coin.
As indicated by OnChainFX, a site that tracks cryptocurrencies, Dogecoin has climbed over 40% in recent 24 hours; however, the owner of Dogecoin’s Twitter account is cautioning investors to be very careful, tweeting: “Be aware of the intentions individuals have when they direct you to purchase things. None of them are professional financial advisers.” The market capitalization of the token has reached nearly $500 million.
Justin Litchfield, who is a Texas-based CTO at ProChain Capital, a crypto fund, says it’s getting popular because people are stuck at home during the pandemic crisis and have been purchasing stocks on apps or either experimenting with cryptocurrencies. Even though Bitcoin, is the biggest digital currency ever, it has traded in a restricted way over the past month, numerous altcoins, have surged higher, for example, Zcash has increased over 100% since mid-March, The Sun stated.
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