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Dogecoin has been spreading in Tiktok in the past 24 hours. TikTokers cites the s Dogecoin Challenge Sweep app. The reason for this promotion is still unknown. However, several TikTok users can be seen sharing the video urging followers to invest in it for $25. Since last week's challenge, the dog currency has risen 17 per cent. So far, the Dogecoin hashtag has been viewed more than 2.7 million times and continues to grow.

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Three days later, just after its hype, the same event plunged Dogecoin into turmoil and faced its first market crash, down 80 per cent. This is due to the low computing power that has led other large mining pools to use it for further mining of dog coins.