Cryptocurrency ‘Meme’ Dogecoin has risen more than 101 percent since yesterday, beating every digital asset in the top 100 at CoinMarketCap.
The currency's rise to its highest level since October 2018 was accompanied by an almost 2,000% increase in its daily trading volume.
The power of TikTok
Its monumental price hike was fueled by viral and semi-viral videos on the TikTok app that began gaining coverage on June 7.
DOGE eventually rose to its local high of $ 0.00559 at 3:07 UTC on the Binance exchange before going back on the go.
The DOGE price corrected 34% within 41 minutes before the TikTokers came to the rescue.
Barstool Sports blogger and self-proclaimed 'God of Vape' Tommy Smokes claims he could turn his $ 850 into $ 850,000.
#DogecoinTikTokChallange participants do not plan to cash in until Dogecoin reaches $ 1.
I turned $ 600 into $ 850 in 24 hours with $ DOGE
Soon that will be $ 850,000 https://t.co/iUNOd8vQCA
– Tommy Smokes (@TomScibelli) July 8, 2020
Not a pump and dump
Inspired by a popular meme with a Shiba Inu dog, Elon Musk's favorite cryptocurrency is no stranger to explosive price increases that end up fading away.
However, Insider Monkey co-founder Meena Krishnamsetty believes it's not a typical pump-and-dump scheme, comparing Dogecoin's frenzy with Robinhood traders buying battered stocks.
"It is more like a stock manipulation scheme where participants are primarily aware of the risks and participate voluntarily."