- Dogecoin (DOGE) has had a successful week in the markets thanks to a viral Tik Tok video.
- The Tron community, led by Justin Sun, has proposed similar ‘marketing’ techniques for TRX.
- The Zilliqa (ZIL) community also has its own Tik Tok campaign.
Over the years, social media has changed the landscape of not only the global political scene (eg the Arab Spring) but also the world of finance and investing. In the case of the latter, this past week has seen Dogecoin (DOGE) pump hard due to a viral Tik Tok video by James Galante that suggests that buying DOGE will make everyone rich. At the time of writing this, the video has over 73,000 likes and 6,000 comments on Tik Tok.
Below is a screenshot of DOGE/USDT illustrating the impact of the video.
Tron (TRX) Also Turns to Tik Tok
The success of the Dogecoin video has inspired other crypto communities into creating their very own Tik Tok challenges. The ever-vigilant founder and CEO of Tron, Justin Sun, was quick in identifying the potential of Tik Tok in reaching a new demographic of investors. Mr. Sun, therefore, announced via Twitter, that the Tron foundation and community will be shifting gears and focusing on more Tik Tok content.
— Justin Sun (@justinsuntron) July 8, 2020
Zilliqa (ZIL) Community Initiates Similar Tik Tok Campaigns
The potential of Tik Tok and viral videos centered on crypto projects has also caught the eye of the Zilliqa community. Members of the Zilliqa community have wasted no time and are creating ZIL centered Tik Tok content. Below is a Tweet by the head of marketing at Zilliqa, Colin Miles, highlighting one such Tik Tok video.
— Colin JG Miles (@ColinMiles) July 9, 2020
Tik Tok Might Be a Pandora’s Box
The video by James Galante popularizing Dogecoin (DOGE) has opened a pandora’s box in terms of advertising crypto projects to young adults. The app has approximately 800 million monthly active users and is the number one downloaded application of 2020. Furthermore, of the 800 million monthly active users, 69% are between the ages of 13 and 24.
Therefore, Tik Tok might just be the most efficient way of crypto projects grabbing the attention of young investors. However, such a move might be walking a thin ethical line by luring inexperienced traders and investors into the crypto-verse.
Perhaps crypto exchanges will follow in the footsteps of Binance in issuing multiple warnings on their platforms that illustrate the risks of trading cryptocurrencies.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.