The meme coin Dogecoin (DOGE) has fallen after a brief rise; the dump after the pump.
On July 7 to July 8, Dogecoin rose by 96%, from $0.0027 to $0.0053, one of the largest increases by the coin in a single day.
The pump could not be sustained, however, and the coin fell to lows of $0.0035 the following day. But then another pump! This time on Wednesday, and to highs of $0.0052. That didn’t last either, and the coin then fell to its current price, $0.0036.
Much of its collapse occurred on Thursday and Friday, but Dogecoin had a particularly nasty shock last night, when it fell from around $0.0039 to lows of $0.0034, a fall of 12%.
Trading volumes have also decreased as people lost interest in the coin. On Monday, before the madness, daily trading volumes were about $183 million. By Wednesday, at the peak of the dump, volumes rose to $1.2 billion. As of Saturday, they've fallen to around $180 million.
So, why did the coin, which represents the Shiba Inu meme that made the rounds a couple of years ago, suddenly spike in popularity? It was part of a TikTok challenge, where users were encouraged to invest $25 in 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.
A valiant effort, but one that has now petered out. Once again, Dogecoin is “practically worthless”.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.