Dogecoin challenge fuels buying spree; Stocks rally as trading volumes spike

Several users have been participating in a new Dogecoin Challenge that encourages users to pump the coin through investment. The cryptocurrency called Dogecoin was started as a meme, however, it has been claimed to make people some serious money if enough users invested in it. Here’s a look at how the Dogecoin Challenge works.

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What is the Dogecoin Challenge?

The #DogecoinChallange is a trend that requires a user to invest $25 into Dogecoin shares, which could end up making them a great deal of money.

The trend was started by a TikTok user, jamezg97, who effectively described in a video what appears to be a pump scheme. He started urging his followers to invest in the Dogecoin and claimed that everyone would get rich if a large number of viewers invested $25 in the coin, which is worthless at the moment. He further claimed that there are around 800 million users and once the coin hits $1, everyone will make $10,000. He also encouraged his viewers to spread the word in order to help lift the currency.

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The video has since amassed almost half a million views and resulted in a massive boost in search interest on the internet. The challenge also made it to the Twitter trends as the coin briefly hit its peak since 2018 after a huge number of users jumped on the bandwagon. During this week, the Dogecoin has reportedly increased by a huge 20% as a number of users expressed interest in the challenge and started investing.

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How to buy Dogecoin?

There are only a few cryptocurrency exchanges where people can buy Dogecoin. You should also be careful as there are even fewer when it comes to the reputation of these exchanges. Some of the most reputable names include Bittrex, Changelly, and Kraken.

For the unversed, the Dogecoin is a form of cryptocurrency that was introduced as a joke in the United States and is based on a ‘doge’ meme that gained popularity in 2013. It began as a joke currency on December 6, the same year, and soon developed its own online community. The Dogecoin brand also has the meme as its logo.

And while the cryptocurrency began as a joke, it went on to sustain a huge online community, which has now been enhanced through the video-sharing social networking service.

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Image credits: Coin Telegraph