The ever-awaited altseason — a colloquial term for pumping altcoin markets — has arrived earlier than expected, if some analysts are to be believed.
Leading the pump is DOGE, the self-styled meme coin used by Shiba Inu dogs, with gains of over 20 percent on June 6. The surge is attributed to a viral TikTok video that seems to popularize DOGE to millions of users on the app.
#dogecointiktok challenge trends
DOGE is being shilled on TikTok, the controversial video-sharing application that was recently banned in India and Hong Kong.
#dogecointiktokchallege is a trending hashtag on the ByteDance-owned application. The first such video, accessible here, has amassed nearly 500,000 views at the time of writing.
The modus operandi is simple. Buy DOGE until it reaches $1 (the coin trades at $0.002 at press time). If 800 million TikTok users do the same, the investment will be worth over $10,000.
With no supporting technical or fundamental factors behind the surge, it’s all but a pump and dump scheme. The hashtag was first used by TikTok user “jamesg97,” who doesn’t shy from their intentions:
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”
And it seems to be working so far. DOGE is up over 20 percent at press time, bringing several to tweet in the regard: