A viral Tik Tok video about Dogecoin is pushing the price of the cryptocurrency through the roof.
Dogecoin—which was conceived as a tongue-in-cheek riposte to Bitcoin—has seen its price rise 20% in the past five days, according to TradingView. The surge came after Tik Tok user “James Galante” posted a video called “Let’s all get rich,” and persuaded viewers to invest in the cryptocurrency.
The video creators call on Tik Tok users to each invest $25 in Dogecoin, and wait until its value rises from $0.0023 to $1—which would give each person a profit of $10,640, if the unlikely scenario happened. The current price is $0.0028.
“Let’s all get rich!” says the presenter. “Dogecoin is practically worthless. There are 800 million TikTok users once it hits $1, you’ll have $10,000. Tell everyone you know!”
For context, cryptocurrencies are largely speculative instruments, their prices can go up or down and it’s unwise to take financial advice from TikTok videos.
The so-called #DogecoinTikTokChallange has attracted almost half a million views and 58,000 likes to date. It has pushed Dogecoin up the rankings to reach the number 33 cryptocurrency by market cap.
A strange history
It’s not the first time the coin, characterized by company mascot “Doge”–-the Japanese dog breed, Shiba Inu—has attracted this much attention.
Dogecoin was created in 2013 by programmers Jackson Palmer and Billy Markus. But, even though it was abandoned by its creators in 2015, the joke crypto went on to find popular appeal, spurred on by a super-active community, low price, and low transaction costs.
Last year, Elon Musk stood in as its joke CEO and called it his favorite crypto.
Dogs rock pic.twitter.com/vLJGyZo5Sx
— Elon Musk (@elonmusk) March 3, 2020
Palmer, who is still revered by the Dogecoin faithful, has now abandoned the crypto scene altogether. In March, he appeared on a podcast to argue that the crypto dream was dead, and that money was just moving around between those who were passionate about it.
“It’s just a technology—cool your jets,” was his advice. Only Dogecoin’s new followers aren’t heeding his advice.