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Analysts: DOGE TikTok challenge, falling Bitcoin dominance show “altseason” is here

cryptoslate

1mon ago

This Exchange News was brought to you by OKCoin, our preferred Exchange Partner.

The ever-awaited altseason — a colloquial term for pumping altcoin markets — has arrived earlier than expected, if some analysts are to be believed.

Leading the pump is DOGE, the self-styled meme coin used by Shiba Inu dogs, with gains of over 20 percent on June 6. The surge is attributed to a viral TikTok video that seems to popularize DOGE to millions of users on the app.

DOGE is being shilled on TikTok, the controversial video-sharing application that was recently banned in India and Hong Kong.

#dogecointiktokchallege is a trending hashtag on the ByteDance-owned application. The first such video, accessible here, has amassed nearly 500,000 views at the time of writing.

The modus operandi is simple. Buy DOGE until it reaches $1 (the coin trades at $0.002 at press time). If 800 million TikTok users do the same, the investment will be worth over $10,000.

With no supporting technical or fundamental factors behind the surge, it’s all but a pump and dump scheme. The hashtag was first used by TikTok user “jamesg97,” who doesn’t shy from their intentions:

“Let’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users once it hits 1 dollar, you’ll have $10,000. Tell everyone you know.”

And it seems to be working so far. DOGE is up over 20 percent at press time, bringing several to tweet in the regard:

$DOGE is pumping, altseason finally confirmed pic.twitter.com/9ovZxd5ye4

— Jonathan Habicht (@HabichtJonathan) July 7, 2020

Jokes apart, some analysts and traders believe the pump marks the start of the ever-awaited altseason.

Blockfyre lead analyst @Pentosh1 said Bitcoin dominance broke a critical three-year downtrend, one that presumably marked the end of a bearish period.

$DOGE is pumping. $BTC dominance is falling and has broken a 3 year downtrend. It's #altseason. Few understand this

— ₿ Pentoshi (@Pentosh1) July 7, 2020

As per CryptoSlate market data, Bitcoin dominance is at 63 percent, down 5 percent from last week’s 67 percent level.

Analyzing the top-50 altcoins, digital tokens have gained between 1-15 percent. DeFi token Aave and blockchain agnostic protocol Chainlink each showed gains of 15 percent. The latter’s oracle network was deployed this week on a nationwide blockchain project in China, but LINK does not feature in that.

Fundamentally, most sub-100 ranked altcoin projects have not rolled out to global audiences, don’t have a working application, or haven’t seen any meaningful activity to justify a pump.

But seeing as crypto was pre-2018 during the historical bull run, the market could be catalyzed by retail shilling and TikTok videos alone. There’s no one to stop that.

This Analysis was brought to you by OKCoin, our preferred Exchange Partner.

Bitcoin and Ethereum miners are pocketing over 99 percent of all fees generated by the broader crypto-mining ecosystem, on-chain analytics firm Messari said Friday.

The price of Dogecoin—like the rest of the cryptocurrency market—skyrocketed April 1 and has continued to rally since.

The Zhejiang district in China has laid the foundation for the Blockchain Service Network, (BSN) the country’s ambitious nationwide blockchain project, as per local reports this week.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

If you talk to the supporters of smart contract projects such as Cardano, Tezos, EOS, and Tron, they will say that their respective blockchains are the best.

The rapidly growing Ethereum-based DeFi sector has been generating significant buzz within the crypto industry, seeing massive inflows of new users and investors that have created growth typical of that seen during bull markets.

Ethereum is by far the leader in the smart contract blockchain space.

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