Dogecoin volumes spike 683% after viral TikTok challenge urges buying spree

• Dogecoin trading activity spiked on Tuesday as a new TikTok challenge urging viewers to buy the cryptocurrency went viral.
• TikTok user James Galante began urging followers to buy Dogecoin in late June, claiming they could "all get rich" by pushing its value to $1 per coin. The challenge has since garnered hundreds of thousands of views on the app and began trending on Twitter.
• The meme-based coin's 24-hour volume surged above $878 million by Wednesday afternoon, a 683% increase from its average daily volume over the past year.
• Dogecoin's price soared as much as 71% amid the trend-fueled buying spree.
• The official Dogecoin Twitter account called on followers to be wary of "the intentions people have when they direct you to buy things."
• Watch Dogecoin trade live here.

Dogecoin volumes spiked over the past two days amid a new TikTok trend aiming to get the meme-based cryptocurrency's price to $1.

TikTok user James Galante began urging his followers to buy Dogecoin in June, claiming they could "all 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 began trending on Twitter, and the coin briefly hit its highest level since October 2018.

"Let's all get rich!" Galante said in a July 2 video. "Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you'll have $10,000. Tell everyone you know!"

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The coin's 24-hour trading volume soared above $878 million by 12:05 p.m. ET Wednesday, marking a 683% leap from the coin's average volume over the past year. Its price surged as much as 71% on Wednesday as the online trend gathered more attention. Dogecoin's market cap now sits just below $500 million.

The trend was even addressed by the official Dogecoin Twitter account Wednesday morning. The account warned against impulsively joining the viral challenge and urged followers to "be smart."

"Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising," the account tweeted.

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Dogecoin amassed a sizable following during 2018's crypto boom for its ties to the popular "doge" meme. Creator Jackson Palmer referred to the asset as a "joke cryptocurrency," yet it's enjoyed a cult following well before the TikTok trend emerged. Elon Musk said in 2019 the coin "might be my fav cryptocurrency" in response to a poll deeming him Dogecoin's mock CEO.

The coin's fans even raised $55,000 in 2014 to sponsor a car at NASCAR's famous Talladega Superspeedway race.

Dogecoin traded at $0.0039 per coin as of 12:35 p.m. ET Wednesday.

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