Jay Hao — CEO of major crypto exchange OKEx — made positive remarks about meme cryptocurrency Dogecoin (DOGE).
When answering Cointelegraph’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:
“Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.”
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 “used 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.” Hao even recognized the marketing prowess of Dogecoin’s community:
“The 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.”
Hao approves Dogecoin’s controversial TikTok campaign
Hao’s praise for Dogecoin’s community-driven marketing efforts follows a TikTok DOGE pump campaign conducted earlier this month. The most popular video under the campaign’s #DogecoinTiktokChallange said:
“Let's all get rich! Dogecoin is practically worthless. There are 800 million TikTok users. Invest just $25. Once the stock hits $1, you'll have 10 grand [$10,000]. Tell everyone you know.”
Barstool Sports founder, Dave Portnoy, recently defined the campaign as a pump-and-dump, and called Dogecoin "bubbly rosé." Hao, on the other hand, shows great appreciation for the effort:
“This 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 ‘Let's all get rich’ 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.”
Hao recommended trading sensibly and only invest the amount of money that one can afford to lose, but admitted that “with bitcoin's lack of volatility at the moment, people are looking to altcoins to realize trading gains.” Just a couple days ago, OKCoin’s chief marketing officer, Haider Rafique, said that he believes the campaign has run its course.