Meme-based cryptocurrency Dogecoin (DOGE) is warning traders against speculation after its price gained 50% in 24 hours.
In a tweet on July 8, the controller of the @Dogecoin Twitter account appealed to buyers to “be mindful of the intentions people have when they direct you to buy things.”
Dogecoin to traders: Stay safe, be smart
DOGE has shot up in recent days thanks to a publicity campaign involving viral videos on Chinese social media network TikTok.
Volume has increased more than 2,000%, while Google Trends confirms a flood of interest in how to purchase the altcoin, now 27th in the world by market cap.
TikTok users are posting videos of trading and performance, inviting others to join them. With hundreds of thousands of views, one video even calls on markets to take DOGE/USD to $1.
At press time, the pair traded at a much more modest $0.042, still its highest since October 2018.
DOGE/USD price chart. Source: CoinMarketCap
For @Dogecoin, however, the mood was decidedly not one of celebration.
“Be mindful of the intentions people have when they direct you to buy things. None of them are in the spot to be financially advising,” Wednesday’s tweet read.
“Make choices right for you, do not ride other peoples FOMO or manipulation. Stay safe. Be smart.”
TikTok trumps Elon Musk as Dogecoin ambassador
“Dogecoin might be my fav cryptocurrency. It’s pretty cool,” he tweeted in April in response to the @Dogecoin Twitter account requesting he become Dogecoin’s CEO.
Dogecoin is a hard fork of Litecoin that launched in late 2013. Its creator, Jackson Palmer, has publicly confirmed that the cryptocurrency is a “joke,” something that has failed to quell episodic enthusiasm among buyers.
In January 2018, during an altcoin boom that saw many assets hit all-time highs, Palmer released an article in tech news magazine Vice titled, “My Joke Cryptocurrency Hit $2 Billion and Something Is Very Wrong.”