Trading volumes for the Shiba Inu meme-based cryptocurrency spiked nearly 2,000% in the last two days as videos on TikTok encouraged users to invest, according to data from Messari. The whimsical asset’s price climbed 35% to $0.035 over the same period.
Dogecoin—which was conceived as a tongue-in-cheek riposte to Bitcoin—has seen its price rise 20% in the past five days, according to TradingView. The surge came after Tik Tok user “James Galante” posted a video called “Let’s all get rich,” and persuaded viewers to invest in the cryptocurrency.
Dogecoin is a “joke cryptocurrency,” according to one of its founders, Jackson Palmer. As such, impromptu social media-based frenzies may be a fitting use case. Daily volume for the cryptocurrency stayed well below $5 million for the past two months.
“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still purely speculation,” said Anil Lulla, former analyst at Bloomberg and co-founder of cryptocurrency research firm Delphi Digital.