Zoomers are Now onto Crypto, The Power of Tik Tok & Robinhood Sending it to the Moon


Are you getting a feeling it’s 2017?

The market is starting to feel like we are back to the insanity that we saw during the last bull season when every other coin started pumping to the moon.

For the past few days, a random coin has been popping up.

The leader of the crypto pump today is Dogecoin. This week, the cryptocurrency has jumped more than 100%.

On Monday, DOGE was trading at $0.0023, which today went to $0.0048. Currently, the 28th largest crypto is trading at $0.0036.

What led this rally was even more impressive — the Tik Tok users.

A bunch of Tik Tok users made it their mission to take Dogecoin to the moon. Currently, this altcoin is 78% off of its all-time high of $0.01820.

These semi-viral videos, some of them with as much as 100k likes, have amassed millions of dogecoin hashtags.

Trading volume for the “joke cryptocurrency” has surged about 2,000% in these past few days. This further points out speculation is still the way to go in the cryptocurrency space.

But it’s not just cryptocurrencies. As we saw in the past few months, the Robinhood traders also pushed the price of stocks whose companies went bankrupt. Also, they are behind the thousand percent increase in Tesla stock the past year.

These traders of apps like Robinhood that charge zero percent commission are all about buying the dip while at home in the lockdown with free time, internet, and stimulus money at their hands. They are all about going FOMO as this time is the case for Dogecoin (DOGE).

Just like the Robinhood app crashed when millennials and boomers went all in stocks, something alike happened this time as well.

And for crypto, Tik Tok is only adding to this FOMO. “Think TikTok will actually become the biggest distribution channel for crypto products,” said Qiao Wang, an independent cryptocurrency trader formerly at Tower Research.

Even the Google search interest for “how to buy Dogecoin skyrocketed, from a score of 0 a couple of weeks back to the 100 top.

It’s not just the tech stocks that are feeling the irrational exuberance and FOMO; the crypto market seems to be making its way back in the times of 2017.

Dogecoin (DOGE) Live Price

1 DOGE/USD =$0.0734 change ~ 4.14%

Coin Market Cap

$9.74 Billion

24 Hour Volume

$156.57 Million

24 Hour VWAP

$0

24 Hour Change

$0.00

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