Founder of Compound (COMP) has acquired some meme cryptocurrency, Dogecoin (DOGE) shortly after the widespread Tiktok video that made the digital currency surge by over 1500% in a short time.
Robert Leshner, Compound founder, and CEO, said he acquired some DOGE in expectation of a more bubble.
When asked why he bought some DOGE, the CEO of the Coinbase-backed crypto platform, said he did want to have “enough skin in the game” to “pay attention to the possibility that TikTok will drive asset prices.”
The trading volume of the joke cryptocurrency continues to spike and it has recorded close to 2000% in trading volume in the last two days, extracted data from different analytics platforms have shown.
The reasons for the price increase, according to observers, are the viral videos on TikTok where people are advised to invest in digital currency.
DOGE bewilders lots of people in the crypto world as the founders of the digital network deserted it after the creation.
Since then, Dogecoin has no CEO for some time now; save for the time the CEO of Tesla, Elon Musk, good-humoredly took the position as the CEO of Dogecoin for a day before exiting and he removed the title from his profile on Twitter.
Since then, Doge has been without a CEO; however, the crypto asset continues to maintain a strong position in the crypto market table. Jackson Palmer is among the founders of the meme digital asset.
Meanwhile, since the viral videos about Dogecoin on Tiktok, the interest in Dogecoin has increased to the extent that the global search interest in “how to buy dogecoin” has heightened.
There are some of the TikTok videos that garnered over 100,000 likes. In total, videos with dogecoin hashtag garnered millions of views within a short time.
Dogecoin Intraday Price Analysis
In the past few days, Dogecoin broke through a number of crucial hurdles to signal the start of a bullish rally, and at press time the cryptocurrency is priced $0.004471 against the UD Dollar having gained over 11% added value in the last 24 hours.
According to Coincodex, Dogecoin has added more than 95% to its value in the last 7 days to be ranked the second-highest gainer behind VeChain in the past week.
Earlier the cryptocurrency formed a new monthly high near $0.0055, however, the Dogecoin’s price has trimmed down a bit. DOGE broke the $0.0040 resistance and settled atop the 100-week SMA with signs for more bullish rally.
While Dogecoin continues to rally high in the market, it is envisioned that if it closes above the $0.0050 resistance level on the weekly, there are high chances that a sustained upward trend will take DOGE above $0.0055, $0.0058 and probably $0.0062 levels.
At press time the 24 hours trading volume of Dogecoin is $1,226,813,925 USD compare to the $283,970,310 USD registered on July 7, this is based on data extracted from CoinMarketCap.