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Dogecoin volumes increase 683% after TikTok viral challenge demands a wave of purchases

Dogecoin volumes increased in the past two days amid a new TikTok trend aiming to get the meme-based cryptocurrency price to $ 1.
TikTok user James Galante began urging his followers to buy Dogecoin in June, claiming that they could "get rich" if enough viewers invested $ 25 in the coin. Since then, one of his videos garnered more than 537,000 views, search interest skyrocketed, the challenge started trending on Twitter, and the coin reached its highest level since October 2018.
"Let's all get rich!" Galante said in a video from July 2. "Dogecoin is practically useless. There are 800 million TikTok users. Once it reaches $ 1, you will have $ 10,000. Tell everyone you know!"

The 24-hour currency trading volume rose above $ 878 million at 12:05 p.m. ET Wednesday, marking a jump of 683% from the average volume of the coin over the past year. Its price rose as much as 71% on Wednesday as the online trend drew more attention. Dogecoin's market capitalization is now just under $ 500 million.
The trend was even addressed by Dogecoin's official Twitter account on Wednesday morning. The account warned against impulsively joining the viral challenge and urged followers to "be smart."
"Keep in mind the intentions people have when they direct you to buy things. None of them are in place to advise financially," the account tweeted.

Dogecoin accumulated a sizable following during the 2018 crypto boom for its links to the popular "doge" meme. Creator Jackson Palmer referred to the asset as a "joke cryptocurrency" however, it has enjoyed a cult long before the TikTok trend emerged. Elon Musk said in 2019 that the coin "might be my fav cryptocurrency" in response to a survey that considered him the simulated CEO of Dogecoin.
Coin fans even raised $ 55,000 in 2014 to sponsor a car in NASCAR's famous Talladega Superspeedway race.
Dogecoin was trading at $ 0.0039 per coin at 12:35 p.m. ET Wednesday.

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