The rise of Dogecoin (DOGE), which started its rise with the launch of a campaign video launched by a user at TikTok, first gained momentum with the announcement made by Elon Musk.
Founded for a joke, Dogecoin is currently trading at $ 0.03229. Before all these rises, Dogecoin was trading at $ 0.002305.
When Dogecoin was trading at $ 0.002305, a TikTok user shared a video where he said that there were 800 million TikTok users and that everyone could invest $ 25 in Dogecoin and raise their crypto money to $ 1 and become rich. With the video becoming viral, there was a 96% increase in Dogecoin in almost a day, and the price of crypto money rose and fell to $ 0.0053.
Spacelon CEO Elon Musk ignited the last rise. After the famous CEO tweeted about Dogecoin on July 17, the cryptocurrency increased by 18% in 1 hour and then experienced a decrease.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Although Dogecoin has failed to maintain its peak, there is still a 40% increase given its pre-rise price.
The ironical part of Dogecoin is that the creator of the cryptocurrency created with the purpose of having fun with other cryptocurrencies, inspired by the Shiba Inu dog, explained that cryptocurrency is an asset that is not worth its current value.
Elon Musk was charged with securities fraud by the Securities Exchange Commission (SEC) in 2018 for his tweets.