TikTok is taking Dogecoin to the moon!
Over the years, social media has changed the landscape not only of the global political scene (for example, the Arab Spring), but also of the world of finance and investment. In the case of the latter, last week, Dogecoin (DOGE) appreciated a lot after a viral video of TikTok by James Galante who suggests that the purchase of DOGE will make everyone wealthy. At the time of writing this, the video had over 73,000 likes and 6,000 comments on TikTok.
Below is a screenshot of DOGE / USDT illustrating the impact of the video.
Trying to repeat Dogecoin’s success in TikTok, Tron and Zilliqa start their campaign on the social network
The success of the Dogecoin video has inspired other crypto communities to create their own Tik Tok challenges. Tron’s ever-attentive founder and CEO, Justin Sun, was quick to identify Tik Tok’s potential in reaching a new demographic group of investors. Sun therefore announced via Twitter that the foundation and the Tron community will be changing direction and focusing on more content for Tik Tok.
– Justin Sun (@justinsuntron) July 8, 2020
“Starting today, we’ll focus on more content for the TIK TOK… stay tuned for #TRON videos that will go viral! #TRX “
The potential of TikTok shown through Dogecoin also caught the attention of the Zilliqa community. Members of the Zilliqa community wasted no time and are creating TikTok content geared towards ZIL. Below is a Tweet from Zilliqa’s head of marketing, Colin Miles, featuring one of these TikTok videos.
– Colin JG Miles (@ColinMiles) July 9, 2020
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TikTok can be a Pandora’s box
James Galante’s video, which popularized Dogecoin (DOGE), opened a pandora box in terms of crypto advertising projects for young adults. The application has approximately 800 million monthly active users and is the number one application downloaded in 2020. In addition, of the 800 million monthly active users, 69% are between 13 and 24 years old.
Therefore, TikTok may just be the most efficient way for crypto projects to attract the attention of young investors. However, this movement may be moving along a shallow ethical line, attracting inexperienced investors to the crypto-verse.
Perhaps cryptocurrency exchanges will follow in Binance’s footsteps by issuing several notices on their platforms that illustrate the risks of trading cryptocurrencies.