A TikTok video that urges viewers to invest $25 in Dogecoin (DOGE) appears to be boosting the price of the crypto asset that was originally introduced as a joke in 2013.
A viral video, which was posted by user jamezg97, encourages viewers to invest in DOGE, saying it offers the potential to generate big profits.
“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. That’s just $25. Once it hits one dollar, you’ll have ten grand. Tell everyone you know.”
The trend dubbed as “#DogecoinTikTokChallenge” has nearly 500,000 views almost 60,000 likes at time of publishing. Meanwhile, the price of Dogecoin surged 61% in the past 24 hours, according to CoinMarketCap.
Phillip Christenson, chartered financial analyst at Phillip James Financial, tells Gizmodo that the video could get the attention of the U.S. Securities and Exchange Commission.
“It’s not hard to envision the SEC taking down a few of the more popular influencers perpetrating this type of scheme as a warning to others contemplating something similar.”
The coin’s 24-hour trading volume surged from $165,444,347 on July 1st to $283,970,310 on July 7th. DOGE now ranks as the 26th largest cryptocurrency by market capitalization.
The volatile move is placing a spotlight on the highly risky and speculative nature of crypto assets, which can rise and subsequently plummet with little to no warning.