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TikTok Let the Doge Out: Why TikTok Doge Is Everything About 2020 Finance in One Story
After a week of viral videos on TikTok, dogecoin is up 35% in price and 2,000% in volume. What gives?
After a week of viral videos on TikTok, dogecoin is up 35% in price and 2,000% in volume. What gives?
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
STORY CONTINUES BELOW
This episode is sponsored by Bitstamp and Crypto.com.
What’s old is new again!
What happens when you combine a mostly hibernating memecoin with the world’s most powerful (and controversial) meme platform, and throw in a new generation of daytraders that have become convinced that they can drive the price of anything up?
The great TikTok Doge pump of 2020, of course.
In this episode, NLW breaks down:
- The history of dogecoin
- How TikTok became one of the most popular, influential and controversial apps in the world
- Why the r/WallStreetBets, Davey Day Trader Global Global and Robinhood Rally day trader movement perfectly set up this pump
- How #TikTokDogecoinChallenge began to trend
- What has happened to dogecoin since the trend started
- Why this all makes a weird sort of cynical sense
See also: How the Fed Fans the Flame – The Best of The Breakdown June 2020
TikTok as a launchpad for viral music:
Modern day trading on Fox Business:
Pro-Doge perspectives on TikTok:
- Let's Get Rich
- kindashortidiot
Anti-Doge perspectives on TikTok:
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.
Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
Nathaniel Whittemore
NLW is an independent strategy and communications consultant for leading crypto companies as well as host of The Breakdown – the fastest-growing podcast in crypto. Whittemore has been a VC with Learn Capital, was on the founding team of Change.org, and founded a program design center at his alma mater Northwestern University that helped inspire the largest donation in the school’s history.
