Why TikTok and Elon Musk love Dogecoin

Why TikTok and Elon Musk love Dogecoin
Dogecoin recently made headlines with Elon Musk and TikTok promoting the coin. If someone such as Elon Musk, the founder of Tesla and SpaceX mentions a cryptocurrency on Twitter, you should be paying attention. Today we take a closer look at why TikTok and Elon Musk love of Dogecoin.

What is Dogecoin?

The first thing that comes to mind when talking about Dogecoin is ‘community- based’. During its early days in 2013, Dogecoin was hacked and 21 million DOGE tokens were stolen. Immediately the community stepped in and started a fundraiser. Within less than a year, the value of the stolen coins was recovered. Soon after, the Doge community was branded as the “friendliest crypto community out there”. Today there are more than 100 000 subscribers on the Dogecoin Reddit platform.

Dogecoin is known for the Japanese Shiba Inu dog mascot. The mascot became an overnight sensation and quickly turned into a popular internet meme. Since its launch in 2013, Dogecoin’s valued has jumped several times and currently has a market cap of more than $340 million according to Coinmarketcap.

There are two primary uses of Dogecoin:

  1. Tipping for content
    DOGE tokens can be used to tip users and content creators on platforms such as Twitter and Reddit.
  2. Payment for products and services
    Many merchants already accept Bitcoin as payment for products and services. It is a fact that many merchants also accept DOGE tokens. One can also make use of Shapeshift to convert DOGE tokens into BTC and Ethereum when paying for products and services.
In July, Elon Musk tweeted the following: “Is Dogecoin really a valid form of currency?” Within minutes, hundreds of followers responded to his message. Since then, many speculate that Musk may have some insider knowledge that could mean big things are coming for Dogecoin.

Elon Musk’s Tweet had a positive impact on the value of DOGE as the price went up with almost 20% soon after.

This isn’t the first time Musk has shown favour to DOGE. Back in April 2019, he tweeted that Dogecoin may be his favourite cryptocurrency.

In other news, the price of DOGE reacted positively to a recent TikTok video that challenged viewers to buy the cryptocurrency.

The campaign urged users to buy DOGE tokens in an effort to push the price of the coin to $1. Since then, the campaign that claims they could “all get rich” has been trending on social media. During the campaign, the price of DOGE increased with almost 71%. DOGE is currently trading at 6c (South African cents) on AltCoinTrader.

Buy DOGE on AltCoinTrader

DOGE has always been a favourite amongst crypto traders. The crypto boasts with super-fast transaction speed and cheap transaction fees. Making the coin ideal for transferring funds, either to trade or to pay for products and services. DOGE is known as a low-risk investment and is ideal for beginners. Be sure to download the AltCoinTrader app or visit www.altcointrader.co.za to get started.