Dogecoin’s [DOGE] price has fallen notably after social media enthusiasts promoted the asset for days on TikTok in an attempt to transfer the asset to $1 USD. The escapade shows signs of conclusion consistent with OKCoin CMO Haider Rafique.
“The Doge/TikTok effect is basically right down to the vitality of the TikTok platform, more than the cryptocurrency industry, as it thrives off of making viral challenges – a category within which this Dogecoin challenge fits,” Rafique added on 10th July.
“TikTok challenges tend to return and enter very short cycles, and looking at the 20% drop by its price within the past 24 hours, it’s likely run its course already.”
TikTokers & Dogecoin – Pumping & Dump
A viral movement on the social media platform TikTok saw people purchasing Dogecoin while urging their viewers to do the same.
The goal of the effort – hiking Dogecoin’s price to $ – is a tremendous feat considering it price didn’t break above a penny during the challenge, consistent with recent price data analysis. Within the recent TikTok movement, DOGE managed to double in price before plummeting backtrack over the last few days.
Dogecoin Popularity Returning To Normal Level’s
Other than Dogecoin’s recent price fall, other metrics also hint at the fad’s conclusion. “Google Trends also shows that searches for Dogecoin have returned to a more normal level from its viral moment on Wednesday ‘8th July’,” Rafique said.
“We within the crypto market should take care of those viral moments as its detracts from our long-term goal of making a worldwide , equitable economic system,” he added.
DOGE also saw listing on Bitfinex during the coin’s time within the limelight, potentially marking of some sort of long-term industry effect arising from the movement.