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The Dogecoin rate has increased by 150% over the past three days amid a challenge announced on TikTok, in which participants are trying to raise the cryptocurrency to $1. While they are still far from this, The Block analysts do note growth in a number of metrics related to this cryptocurrency.

Thus, DOGE trading volumes increased to $27 million, or 22 times the daily average in 2020. The growth from July 6 to July 7 was 600%.

At the same time, there was a jump in the number of requests to Google with queries regarding cryptocurrency. On July 7, the value was estimated by the service at the maximum 100 points since the beginning of the year.

There has also been a sharp increase in the number of visits to the Dogecoin Wikipedia page. Before the latest events, the page was viewed on average 730 times a day, and on Tuesday - 5,700.

Activity on the DOGE blockchain itself is also growing. The value of assets transferred through it approached $20 million, which is almost 7 times higher than the daily average for the current year.

Bloomberg editor Joe Weisenthal notes that popular video blogger Jake Paul, whose account has over 13 million subscribers, has joined the promotion of Dogecoin on Instagram.

“This is going to be crazy,” Paul wrote as a comment on the DOGE chart.

Day trader and founder of Bartool Sports Dave Portnoy also noticed the rise in DOGE.

“What's going on with Dogecoin? This is a pump and dump. Everyone is buying Dogecoin. This is cryptocurrency, this is a false life. People buy it, they want to raise it to $1, people get rich,” he said in one of his recent videos.

One of the commentators also admitted that raising the price of DOGE may in fact not be as impossible a task as it seems:
“Many people say that DOGE has a large turnover volume and is difficult to pump. This is wrong. Significant volumes of DOGE are unused or lost, and purchase orders are very small. The actual liquid market capitalization is significantly lower.”