It has been reported after a recent Dogecoin viral marketing campaign conducted by its fans on social media video platform TikTok, as the campaign apparently caused the coin’s price to surge by over 124% in just two days, according to data from Coin360.
However, volume at the time increased over 20 times and Google Trends revealed an increasing number of searches for methods to buy the altcoin.
#NewListing: We are pleased to announce @dogecoin DOGE Margin Trading, Savings & USDT-margined perpetual swap are officially live 🟢 on @OKEx & API from 04:00 Jul 10, 2020 (UTC)! Details: https://t.co/Xvr5uXZyP2 pic.twitter.com/tjLzX3ZoAh — OKEx (@OKEx) July 10, 2020
Jay Hao, the CEO of OKEx, stated:
“As a leading exchange, we’re pleased to offer these new trading and savings features for Dogecoin to our users. At OKEx, we are always striving to provide the most diverse product offering by asking our users what they would like to see and responding to their requests. DOGE is a very popular coin with sophisticated marketing and market potential that many traders will enjoy speculating on and we believe that it will bring additional liquidity to the exchange. As with any trading decisions, however, we always encourage traders to trade with caution and carry out their own research”.
After the surge, Dave Portnoy, the founder of Barstool Sports, went so far as to call the Dogecoin marketing campaign a pump and dump.