Dogecoin Market Update: DOGE falls victim of TikTok pump and dump

A joke coin gets some pumping on TikTok.
The coin may be vulnerable to the downside correction.

Tanya Abrosimova Independent Analyst

Dogecoin (DOGE) takes the 33d place in the global cryptocurrency market rating; The coin has gained over 14% in the recent 24 hours and now it is the best-performing digital asset out of top-100. Dogecoin's market value is registered at $339 million, while its average daily trading volume is $209 million. At the time of writing, DOGE is changing hands at $0.0027.

While the true reason for DOGE stellar rise remains unknown, some community members suggest that viral TikTok challenge may be behind the pump. A user jamezg97 posted a video that encourages users to pump the coin.

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.

Since that time similar shots with the hashtag #DogecoinTiktokChallang amassed nearly half a million views as the trend is growing hot. While the hot scheme resembles a pump and dump scheme, the coin has gained over 20% on a weekly basis and popped to the forefront of the cryptocurrency industry.

What is Dogecoin

The project is based on Litecoin's blockchain. It was created by in 2013 by a United States-based programmer Billy Markus, who claimed that he had made the coin "just for fun". Anyway, the joke appeared to be popular as now it has solid communities on on Reddit and Twitter.

DOGE/USD technical picture

The coin topped at $0.0029 and retreated to $0.0027 by press time. Despite the retreat, DOGE may resume the upside as long as it stays above 1-hour SMA50 at $0.00246. This barrier is followed by $0.00239, created by a combination of 1-hour SMA100 and SMA200.

On the upside, a sustainable move above $0.0028 is needed for the upside to gain traction. It this case, the recovery may be extended towards the recent high of $0.0029 and to psychological $0.0030