TikTok Traders Are Pumping Joke Cryptocurrency Dogecoin -- and the Price is Up 95%

Day traders on viral video app TikTok are encouraging people to speculate on a joke cryptocurrency called Dogecoin. Based on an old Internet meme -- an overly sincere and whimsically grammar-challenged Shiba Inu dog -- the digital coin was developed as a Bitcoin-spinoff in 2013, after which it quickly rose to prominence as a gag. From a report: The shenanigans of the cryptocurrency-pumpers appear to be working, at least for now. The price of Dogecoin has nearly doubled since July 6th, rising 95% to $0.00448 from $0.0023, according to data from OnChainFX, a cryptocurrency data tracker. The price of Dogecoin peaked in January 2018 at $0.013 before promptly crashing. It appears a flood of stuck-at-home market hypers is behind the push to hype the cryptocurrency. "Go invest in Dogecoin, make me rich," wrote one pumper. "They cant stop us all," encouraged another. Yet one more: "worth it. i swear #stocks #coins #dogecoin #money"

to the moon!

[serviscope_minor]

Such coin

Many crypto

Wow

Re:

[AmiMoJo]

Shouldn't it be called a shiba dog though? "Inu" means dog in Japanese so "shiba inu dog" is saying "shiba dog dog".

Re:

[Impy the Impiuos Imp]

That's what the hoi polloi think. Now if you will pardon me, the greasy spoon diner has a special on a French dip sandwich with au jus.

Re:

[serviscope_minor]

"shiba inu dog" is saying "shiba dog dog".

Ah, but it's Shiba Inu doge, which translated to English is Shiba Dog elected chief of a city state.

Dogecoin is a joke?

[Anonymous Coward]

It may have started that way, but I thought it achieved critical mass to where it was no longer a joke... to the extent that any cryptocurrency can be taken seriously. Followed by, "all money is a collective delusion" anyway...

Re:

[coolsnowmen]

You don't understand how something can be made as a joke? As in the people who made it didn't intent it to be take as a serious contender to bitcoin ?

Re: Dogecoin is a joke?

[tysonedwards]

How many cryptocurrencies are created with the intent to be a serious competitor instead of acknowledging that they can still make money.

Re:

[sjames]

You can buy paper play money too.

Re:

[DontBeAMoran]

Canadian Tire money may seem like a joke to U.S.A-mericans, but to us Canadians it's very real.

I need you all to chip in!

[pr0t0]

A few years ago, I bought 1000 dogecoin as kind of a goof. I don't think I actually knew the coin was a joke at the time I did it, but also figured I was never going to get a ROI anyway. But listen, if you can help out and buy a little doge to drive up the price and move that decimal point just a little...say 6-7 spaces to the right...I'd really appreciate it. I could so use $45M right now.

Re:

[BringsApples]

Yep, our current monetary system literally creates money based on contracts from people that promise to pay 'the loan x 3 (or more)' back. It's all based on how willing we are as a whole to participate in debt.

Re:

[toddestan]

Unlike most crypto currencies, Dogecoin makes it relatively easy to mine large number of coins and is inflationary. One of the creator's goals was to make it so that anyone who wanted some could get some Dogecoins. As a viable currency that's not what you would want, but for something done as a joke and for fun - sure, why not?

I was always surprised that people put any real value on it.

To the moon!

[hatman9]

here's a good video that goes into the intricacies of what makes Dogecoin the only real choice for digital currency moving forward towards the moon https://youtu.be/000al7ru3ms [youtu.be]

Re: To the moon!

[Way Smarter Than You]

That explained everything I needed to know. It was really well produced and the explanations were top notch with just a touch of humor.

My dogecoin investment has had the same rate of return as my bitcoins as well as my tulip farm.

Re:

[gosso920]

I LoooooOOOOOOoooOOOOOOoooOOOOve!!!!! DogeConneeeeEEEEeeeeEEEEeeeeEEEEct!!!!

I'm a bit disappointed

[Chris Mattern]

"[O]verly sincere and whimsically grammar-challenged Shiba Inu dog"

I'm a little disappointed. I was hoping it was supposed to be Venetian.

95% growth?

[Nidi62]

So does this mean 1 dogecoin is now worth almost 2 dogecoin?

Re:

[istartedi]

Only if you give 110%.

Re:

[DontBeAMoran]

Only if you exchange it for something else. Otherwise, Dogecoin is as stable as ever, with a 1:1 exchange rate for other Dogecoins.

Alternative link with only facts

[DontBeAMoran]

https://www.coingecko.com/en/c... [coingecko.com]

Coinye is the biggest joke around

[thesjaakspoiler]

I would have been great to have the next president have his own cryptocurrency.

Only 95%

[felixrising]

Talk to me when it's at 10000% up

Pumpers are nothing new, but maybe the forum is.

[Fly Swatter]

I guess that it is tiktok being used as the forum which is unique here, but if you watch the market for a bit, you will see that a handful of stocks get pumped and dumped every day, with bunches of pumping posters moving from stock forum to stock forum pushing a different stock every few days.

Dogecoin is a joke?

[theblkadder]

Cryptocurrency in general is a joke.

Re:

[TeknoHog]

Currency in general is a joke. See the "Money as Debt" documentaries or related sources to understand that if you don't know already. Cryptocurrencies are slightly less of a joke, because they work under open source rules instead the whims of a few old white men.