TikTok Let the Doge Out: Why TikTok Doge Is Everything About 2020 Finance in One Story
After a week of viral videos on TikTok, dogecoin is up 35% in price and 2,000% in volume. What gives?
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This episode is sponsored by Bitstamp and Crypto.com.
What’s old is new again!
What happens when you combine a mostly hibernating memecoin with the world’s most powerful (and controversial) meme platform, and throw in a new generation of daytraders that have become convinced that they can drive the price of anything up?
The great TikTok Doge pump of 2020, of course.
In this episode, NLW breaks down:
- The history of dogecoin
- How TikTok became one of the most popular, influential and controversial apps in the world
- Why the r/WallStreetBets, Davey Day Trader Global Global and Robinhood Rally day trader movement perfectly set up this pump
- How #TikTokDogecoinChallenge began to trend
- What has happened to dogecoin since the trend started
- Why this all makes a weird sort of cynical sense
See also: How the Fed Fans the Flame – The Best of The Breakdown June 2020
TikTok as a launchpad for viral music:
Modern day trading on Fox Business:
Pro-Doge perspectives on TikTok:
Anti-Doge perspectives on TikTok:
For more episodes and free early access before our regular 3 p.m. Eastern time releases, subscribe with Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, iHeartRadio or RSS.