Episode 246 - Crypto Scams through Tik Tok?
Description
Welcome to the Crypto Basic Podcast!
Joining you are Brent "Pump and Dump" Philbin, Adam "The TikToker" Levy, and Karim "You guys are insane" Baruque.
Our issue for today is a call to action posted on TikTok, that urges users to invest 25$ in dogecoin en masse, leading to artificial inflation of its price, AKA a pump and dump. We discuss its implications, it's dangers, and what it means for the future of crypto that these kinds of things are now reaching the teen and preteen demographics. Tune in now!
Hey Karim, what's the price of Dogecoin??
Dogecoin spikes 1900% in 2 days.
Global search interest in “how to buy dogecoin” also skyrocketed from a score of 25 to 100, the highest possible search popularity score, over the past few days, according to 12-month Google Trends data analyzed by CoinDesk.
Why is Dogecoin spiking?? Not entirely sure the exact origin of it but a few TIk Tokkers posted a video talking about how if you invest $25 into Dogecoin you get 10k shares. if it goes to $1 we all make $10k. then people started buying it and it actually spiked 20% tuesday.
Effect of Tik Tok on crypto. Gen Z is growing up. Do you think they will adopt? Could this be the start of a bull? This could also be the start of another Bitconnect with people getting hurt by a pump and dump.
Could be a bunch of Dogecoiners getting together and trying to get the coin to blow up on tik tok. Things can go viral there in a hot second.
Videos on videos coming out talking about how Doge is a good investment.
For those who don't know, Jackson Palmer, the CEO of Dogecoin, created it as a memecoin bc Coinmarketcap and Doge memes were the two tabs open in his web browser.
It has no real use case.
United States
