Strange things continue to happen in altcoin markets. But the reason is a little different this time. The Dogecoin (DOGE) price has experienced one of the biggest single-day climbs to date and increased 43%.
One of the biggest daily rises in altcoin history recorded
The cryptocurrency created with inspiration from Shiba Inu dogs was trading at $0.0027 yesterday. Today, the DOGE price rose to $0.0053 and later retracted to $0.0038. The coin, which gained close to 95 percent throughout the process, witnessed one of the biggest daily rises in its history.
This sudden positive momentum caused Dogecoin’s market value to rise from $344 million to $489 million. DOGE, the 27th most valuable cryptocurrency by market volume, climbed to 14th a few days ago.
The reason is “DOGE challenge” at TikTok
This growth is thought to be the result of a viral Dogecoin challenge in the popular social network TikTok. Users are investing $25 in Dogecoin to raise the price to $1 per the challenge. It seems that this challenge has been successful so far, so Dogecoin trading volumes are also breaking new records.
— Justin Sun (@justinsuntron) July 8, 2020
This rise also attracted the attention of Tron CEO Justin Sun.
DOGE, which has earned 90% since the beginning of the year, is one of the best performing coins of 2020. There are giants such as Cardano, VeChain and Chainlik in front of Dogecoin.