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Elon Musk's pump lastIn brief
Elon Musk pumped Dogecoin last week; TikTok users pumped the coin a few weeks earlier.
The altcoin's value surged.
Despite the dumps, the coin's still up.
The price of the world’s most expensive meme, Dogecoin, is still going strong—one week after billionaire entrepreneur Elon Musk pumped the coin on Twitter and three weeks after it was pumped by TikTok users.
Dogecoin—a coin invented as a joke—is currently worth $0.003229, according to CoinMarketCap data. Before all of the pumps, Dogecoin was worth $0.002305.
So, despite the dumps that have followed each pump, Dogecoin ended the month up 40%. Thanks, Elon! Thanks, Jake Paul!
What's with all the pumps?
Dogecoin's price rose on July 7 after a popular TikTok video urged viewers to invest $25 in Dogecoin, part of a group effort to pump the value of the coin to $1.
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once it hits one dollar, you’ll have ten grand. Tell everyone you know." said huckx8 in his viral TikTok video.
The clip, which was endorsed by the ebullient YouTuber Jake Paul, caused the altcoin to surge in value by 96% in a single day—from $0.0027 to $0.0053. Later came the dump; by July 16, the price of Dogecoin was worth $0.002953. (Still far more than its pre-pump price).
Next came Elon Musk. The Tesla CEO started tweeting about the coin on July 17. His first tweet comprised a meme about Dogecoin dominating the financial system. Following the tweet, Dogecoin’s price spiked by 18.5% in little over one hour, from $0.003043 to $0.003607. week did some good: the meme-inspired coin is still up.
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