The meme-based Dogecoin (DOGE) cryptographic currency warns traders against speculation after its price gained 50% in 24 hours.
In a July 8th tweet, Twitter account monitor @Dogecoin called on shoppers to “be aware of people’s intentions when they ask you to buy things.”
Dogecoin : Be careful, be smart
DOGE has grown in recent days thanks to an advertising campaign involving viral videos on the Chinese social network TikTok
The volume has increased by more than 2,000%, while Google Trends confirms an influx of interest in buying altcoin, now 27th in the world in terms of market capitalisation.
TikTok users post videos about exchanges and performances, inviting others to join them. With hundreds of thousands of views, one video even calls on markets to raise the DOGE/USD to $1.
At the time of going to press, the pair was trading at a much more modest $0.042, still the highest since October 2018
Graph of DOGE/USD prices. Source: CoinMarketCap
For @Dogecoin, however, the mood was decidedly not one of celebration.
“Pay attention to people’s intentions when they order you to buy things. None of them are in a position to give you financial advice,” said Wednesday’s tweet
“Make the right choices for you, don’t get on other people’s FOMO or manipulation. Stay safe. Be smart.”
TikTok beats Elon Musk as Dogecoin ambassador
“Dogecoin” might be my favorite cryptocurrent. That’s pretty cool,” he tweeted in April in response to the @Dogecoin Twitter account asking him to become Dogecoin’s CEO.
Dogecoin is a Litecoin fork that was launched at the end of 2013. Its creator, Jackson Palmer, has publicly confirmed that the Cryptocrown is a “joke”, which has failed to dampen the episodic enthusiasm of buyers.
In January 2018, during an Altcoin boom that saw many assets reach historic highs, Palmer published an article in the technology news magazine Vice entitled “My joke: the encryption currency has reached $2 billion and something is very wrong”