What made these pumpers quite peculiar is the level of honesty they convey, which is quite rare among individuals who do this type of activity.
Altcoin pumpers usually talk about the complex technologies that underpin a given cryptocurrency using buzz words like “smart contracts”, “blockchain”, “decentralization”, “future of money”, “banking the unbanked,” etc.
TikTok and Dogecoin
On the contrary, these are some examples of TikToker’s words:
“Go invest in Dogecoin, make me rich. They can’t stop us all.”
“Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits one dollar you’ll have 10-grand.”
The TikTok shillers got so viral that even Dogecoin’s official Twitter account had to urge caution.
Doge and Elon Musk
Unfortunately, that was just the beginning of the Doge mania. Several months later, the altcoin caught the attention of Elon Musk, who has jokingly made a series of tweets about Dogecoin.
Some of his price skyrocketing tweets include: “Dogecoin is the people’s crypto,” “Who let the Doge out”, and “The Dogefather SNL May 8,” which was an advanced announcement about his hosting of Saturday Night Live.
With that being said, it’s hard to imagine the second-richest man in the world to be monetizing this pump and dump scheme considering that he has refused selling his NFT tweet that had many buyers willing to pay millions of dollars for. As it appears, Musk is either trolling the internet or simply enjoying himself.
Furthermore, WallStreetBets has also made some contributions to Dogecoin’s meteoric price hike, having pumped the meme coin by 85% in 90 minutes at one point.
Considering that Doge’s price surges have been precipitated by retail traders collectively pumping the coin, we can say with some degree of confidence that DOGE is not a whale’s plaything, although whales have likely taken part in its market movements. But by and large, Dogecoin has proven to be the people’s pump and dump coin, for better or worse.