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TikTok Video Triggered Dogecoin's Dynamic Growth

10 July 2020 22:33, UTC
TikTok Video Triggered Dogecoin's Dynamic Growth
By Anna Martynova

For a long time, traders have been waiting for an increase in the value of Dogecoin. The DOGE rate has rapidly gone up and the price has surpassed a maximum that has not existed since 2018. Dogecoin started at $0.0027 and peaked at $0.0053. Then the cost of DOGE fell to $0.0038. The overall increase was 94.3 percent and is now one of the largest price fluctuations in the DOGE history.

Due to the sudden dynamics, Dogecoin's market capitalization has grown from $344 mln to $489 mln. Dogecoin is now the 27th largest cryptocurrency by market capitalization. He managed to overtake several promising projects, including Compound (COMP), Basic Attention Token (BAT), Kyber Network (KNC) and Aave (LEND).

The reason for the growth was the video in TikTok by James GALANTE with the title "Let's get rich." The video has over 500,000 views and over 63,000 likes. So far, cryptocurrency growth has been 90.1 percent per year, making the coin one of the most efficient cryptocurrencies in 2020. However, there are cryptocurrencies that are still overtaking DOGE. Among them are Cardano (ADA), VeChain (VET) and Chainlink (LINK). This year, their growth amounted to more than 200 percent.

Image courtesy of know your meme



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