The rise of Dogecoin came to an abrupt end

With Dogecoin’s price drop, Tik Tok’s chief marketing officer (CMO) said the price inflation was over.

Dogecoin fell sharply after the price jumped as a result of a promotion on Tik Tok aimed at pushing DOGE to $ 1. According to the CMO of the social network – Haider Rafik – this event seems to be over.

“The DOGE / Tik Tok effect is more about the volatility of the Tik Tok than the crypto industry, as it relies on challenges that are gaining popularity – a category in which this Dogecoin challenge fits.
Tik Tok challenges have quite short cycles and looking at the 20% drop in price in the last 24 hours, it looks like the challenge is nearing the end of its course. ” 

There was a challenge on the social platform telling people to buy Dogecoin. The goal was to shoot the price of the cryptocurrency above $ 1. This never happened, but the cryptocurrency managed to double in value before collapsing.

Google Trends also shows a decrease in interest in DOGE to standard levels observed before the Tik Tok effect. The cryptocurrency was also listed on Bitfinex.