As the CEO of major crypto exchange OKEx, Jay Hao remarked about meme cryptocurrency Dogecoin (DOGE) in a positive manner.
Answering a recent inquiry on new Dogecoin-related OKEx features, Hao claimed that he maintains an optimistic attitude towards the cryptocurrency. He noted: "Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity."
Hao expounded that Dogecoin - born of a Litecoin (LTC) fork in 2013 - is one of the oldest cryptocurrencies. At the same time, he stated that 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." What's more, he had the chance to know 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
After a TikTok DOGE pump campaign conducted earlier this month, Hao praised the marketing efforts has been driven by its community. The most popular video under the campaign's #DogecoinTiktokChallange noted: "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."
Recently, Dave Portnoy - the founder of Barstool Sports - identified this campaign as a pump-and-dump and called Dogecoin "bubbly rosé." On the other hand, Hao appreciates its 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 advised that trade should be sensible and only invest the amount of money within an affordable range. However, he reckoned that "with bitcoin's lack of volatility at the moment, people are looking to altcoins to realize trading gains." Haider Rafique - OKCoin's chief marketing officer - pointed out he believes the campaign has run its course.