Dogecoin Is ‘Not a Joke,’ Says OKEx CEO Jay Hao
Hao pointed out that DOGE enjoys healthy development, longevity and features that cannot be found in many old-time cryptos.
Jay Hao â€” CEO of major crypto exchange OKEx â€” made positive remarks about meme cryptocurrency Dogecoin (DOGE).
When answering Cointelegraphâ€™s recent inquiry concerning new Dogecoin-related OKEx features, Hao made it clear that he has a rather positive view of the cryptocurrency. He said:
â€œDespite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.â€�
Hao explained that Dogecoin, which was born of a Litecoin (LTC) fork in 2013, is one of the oldest cryptocurrencies. He also said the way DOGE is â€œused for tipping on Reddit and Twitter has shown that it can achieve instant transfer for micropayments in a way that not many major cryptocurrencies can.â€� Hao even recognized the marketing prowess of Dogecoinâ€™s community:
â€œThe community and the sophistication of its marketing is admirable, in fact, that any altcoin can command so much attention shows a deep understanding of user psychology.â€�
Hao approves Dogecoinâ€™s controversial TikTok campaign
Haoâ€™s praise for Dogecoinâ€™s community-driven marketing efforts follows a TikTok DOGE pump campaign conducted earlier this month. The most popular video under the campaignâ€™s #DogecoinTiktokChallange said:
â€œLet’s all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25.Â Once the stock hits $1, you’ll have 10 grand [$10,000]. Tell everyone you know.â€�
Barstool Sports founder, Dave Portnoy, recently defined the campaign as a pump-and-dump, and called Dogecoin “bubbly rosÃ©.” Hao, on the other hand, shows great appreciation for the effort:
â€œThis type of marketing is truly extraordinary and shows how lower market cap coins are a lot easier to skyrocket the price. That a short video with someone saying â€˜Let’s all get richâ€™ can double the price in just three days is really quite astounding. But that said, altcoin prices soaring is actually a matter of common occurrence and I’m not surprised by it anymore.â€�
Hao recommended trading sensibly and only invest the amount of money that one can afford to lose, but admitted that â€œwith bitcoin’s lack of volatility at the moment, people are looking to altcoins to realize trading gains.â€� Just a couple days ago, OKCoinâ€™s chief marketing officer, Haider Rafique, said that he believes the campaign has run its course.
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