Forget Bitcoin and Ethereum, Dogecoin (DOGE) has been on an absolute tear over the past few days.
Just look at the chart below, which shows that the meme cryptocurrency is up more than 150% in the past three days. As of the time of this article’s writing, it’s trading at $0.048, but set a local high at $0.056 on Tuesday.
DOGE/USD chart from TradingView.com
Dogecoin, which is Tesla CEO Elon Musk’s “favorite cryptocurrency,” is benefiting from an influx of mainstream coverage spurred by TikTok users.
A user on the platform with the moniker “Jamezg97,” whose profile picture is none other than the Dogecoin logo, released a video last week shilling the crypto. It isn’t clear if he was serious, but the user called the cryptocurrency a “stock” that is “practically worthless.” Jamez said that if all TikTok users buy the asset and it goes up to $1.00, one can “get rich.”
The video has gone semi-viral on the video-sharing platform, with other users following suit advising their followers to buy the cryptocurrency.
But Dogecoin has just reached a whole new level of popularity with a mention by Jake Paul.
Dogecoin Is Getting Mentioned by Jake Paul, Bloomberg, and More
According to a screenshot shared by Joe Weisenthal, a Bloomberg editor that has long been following crypto, Youtuber Jake Paul is “pumping Dogecoin on Instagram.”
The screenshot shows the latest post in the personality’s Instagram “story,” a screenshot of the Dogecoin chart on Robinhood with the following comment:
“This is gonna go crazy.”
— Joe Weisenthal (@TheStalwart) July 8, 2020
It isn’t only Jake Paul who is hopping on the DOGE train.
Bloomberg — yes, the business news publication known around the world — released an article on Dogecoin today. Crazy, right?
There’s also Keemstar, a controversial news channel Youtuber. He also mentioned the meme cryptocurrency on social media recently, tweeting out “Buy Dogecoin.”
An Illiquid Market
Dogecoin’s absurd price action is purportedly predicated on DOGE having illiquid market conditions.
A cryptocurrency trader commented:
“Seeing a lot of people point out that DOGE has a large circulating supply, and assume it is hard to pump. That is untrue, not only a good chunk of amount of DOGE supply is dormant+lost, and on exchange ask orders are very thin, the actual liquid market cap is significantly lower.”
Anybody else getting 2017 vibes, or is it just me?
Featured Image from Shutterstock Price tags: dogeusd Charts from TradingView.com After 200% TikTok Pump, Jake Paul Says DOGE Is "Gonna Go Crazy"