Analysts: DOGE TikTok challenge, falling Bitcoin dominance show “altseason” is here 🚨 This article is 4 years old...
Analysts: DOGE TikTok challenge, falling Bitcoin dominance show “altseason” is here
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Updated: Oct. 16, 2021 at 2:39 am UTC
Photo by Jaycee Xie on Unsplash
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:
$DOGE is pumping, altseason finally confirmed pic.twitter.com/9ovZxd5ye4
— Jonathan Habicht (@HabichtJonathan) July 7, 2020
Analysts call an altseason
Jokes apart, some analysts and traders believe the pump marks the start of the ever-awaited altseason.
Blockfyre lead analyst @Pentosh1 said Bitcoin dominance broke a critical three-year downtrend, one that presumably marked the end of a bearish period.
$DOGE is pumping. $BTC dominance is falling and has broken a 3 year downtrend. It's #altseason. Few understand this
— ₿ Pentoshi (@Pentosh1) July 7, 2020
As per CryptoSlate market data, Bitcoin dominance is at 63 percent, down 5 percent from last week’s 67 percent level.
Analyzing the top-50 altcoins, digital tokens have gained between 1-15 percent. DeFi token Aave and blockchain agnostic protocol Chainlink each showed gains of 15 percent. The latter’s oracle network was deployed this week on a nationwide blockchain project in China, but LINK does not feature in that.
Fundamentally, most sub-100 ranked altcoin projects have not rolled out to global audiences, don’t have a working application, or haven’t seen any meaningful activity to justify a pump.
But seeing as crypto was pre-2018 during the historical bull run, the market could be catalyzed by retail shilling and TikTok videos alone. There’s no one to stop that.
Dogecoin Market Data
At the time of press 2:39 am UTC on Oct. 16, 2021, Dogecoin is ranked #26 by market cap and the price is up 63.04% over the past 24 hours. Dogecoin has a market capitalization of $568.43 million with a 24-hour trading volume of $789.79 million. Learn more about Dogecoin ›
Crypto Market Summary
At the time of press 2:39 am UTC on Oct. 16, 2021, the total crypto market is valued at at $271.21 billion with a 24-hour volume of $64.65 billion. Bitcoin dominance is currently at 63.00%. Learn more about the crypto market ›
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Bitcoin
$97,987.91
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Chainlink
$14.8880
Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.