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.