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Dogecoin surges over 20% due to a TikTok FOMO video?

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Dogecoin surges over 20% due to a TikTok FOMO video?

The trending cryptocurrency Dogecoin has surged over 20% in the past 24 hours. What could be the reason behind such a substantial increase in Dogecoin's value? It might be related to a FOMO video circulating on TikTok.

Dogecoin Soars

From yesterday noon until now, Dogecoin, commonly known as the "Dogecoin," has surged from $0.0023 to a peak of $0.0029, a rapid increase of 26%. Its market value has also risen from $287 million to $357 million, climbing to the 33rd largest cryptocurrency.

Source: Tradingview

What is the reason behind the significant surge in Dogecoin? Speculation suggests it may be related to a video on TikTok.

Source: TikTok

The video was posted by a TikTok user named "James Galante" five days ago with the title "Let's Get Rich Together." In the video, James Galante suggests that if everyone invests $25 in Dogecoin, when the price reaches $1, investors will have $10,640, a return on investment of 43,378%. This video, which seems like mindless FOMO, has garnered over 500,000 views, 5,790 likes, and 4,047 comments in just five days. Despite the skepticism, the project has not shown any development updates or positive news, leading to speculation that the surge is purely driven by hype.

The Veteran Coin that Survived Countless Bear Markets

Dogecoin was created in 2013 by its founder Billy Markus with the intention of positioning it as an internet currency for tipping, sharing, and expressing gratitude, rather than a commodity for investment or value storage. Despite Dogecoin's seemingly nonsensical nature and lack of intrinsic value, it has survived numerous cryptocurrency bear markets. According to CoinMarketCap data, its total market capitalization even approached $2 billion in 2018. Even Tesla founder Elon Musk was charmed by Dogecoin, changing his Twitter bio to "Former CEO of Dogecoin."

He even tweeted:

"Dogecoin might be my favorite cryptocurrency. It's pretty cool!"

While Dogecoin is certainly a trending and whimsical topic, readers are advised not to view it as an investment commodity to avoid any unnecessary asset losses.