Social media tend to influence many different industries, including crypto assets. Particularly TikTok is playing an increasing role of importance all of a sudden.
The Dogecoin Challenge on TikTok
A very peculiar shift has taken place on the TikTok platform. While initially designed as a platform to create funny videos and other memes, things have gotten a lot more serious in recent weeks. A lot of content creators are paying very close attention to the cryptocurrency industry all of a sudden.
More specifically, the recent Dogecoin price rise is attributed primarily to TikTok’s involvement. A price surge of over 90% in a matter of days is unusual, even where crypto assets are concerned, Many people are speculating as to what is going on to suddenly spark interest in the meme currency of the internet.
As it turns out, there are several Dogecoin-related videos popping up on the social platform. Known as the “Dogecoin Challenge“, it tries to bring a lot more positive attention to this particular project. Some users even claim how this momentum can make “everyone rich if they buy DOGE now”. A very interesting, albeit completely misleading sentiment.
While most people may spread the message in a harmless way, not everyone fits that category. There will always be individuals looking to take advantage of unsuspecting people. Considering how a lot of children utilize TikTok regularly, offering financial advice is the last thing one should engage in.
Influencing Dogecoin due to COVID-19
It was to be expected that the COVID-19 lockdown measures will drive a lot of people “stir crazy” in the long run. With very little to do every day – especially for children – finding things to do becomes a lot more difficult. Creating videos to promote Dogecoin seems to be the current hype. It may be all but forgotten in a week from today, for all one knows.
One also has to keep in mind that the Robinhood crowd may be shifting its attention. Investing in stocks was lucrative for a while, but the markets remain under pressure. As such, youthful “traders” might be moving to crypto assets, and Dogecoin in particular. Determining what is really driving this trend will remain difficult, if not nigh impossible.
TikTok Faces Multiple Bans
Making all of this more interesting is how TikTok is no longer available in Hong Kong. The company pulled its services from the country in the past few days. How this will affect the Chinese social media network, is difficult to predict.
What is perhaps more worrisome is how the US may ban the social network as well. The Trump administration has made it clear that the Chinese company is not welcome in the United States. For now, it can still be used, but that situation may change at any given moment. .
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