A Dogecoin DOGE/USD knockoff was sent flying to the moon — unwittingly — by the Lunar New Year gala broadcasted by Chinese state broadcasters on Monday.
What Happened: Doge King (DOGEK) soared an impressive 2,400% on Tuesday after “Chunwan” — the New Year’s Gala was broadcasted by CCTV.
The program features artists from all across China and is watched by Chinese families on the Lunar New Year’s eve since it was launched in 1983, according to a report from Pandaily.
This year’s edition saw comedian Shen Teng "refuse" to pay the outstanding debt. He then tried to use a “metaverse investment” to get out of paying his dues.
Shen said, “I have invested all my money into the pet business in the metaverse. I’m going to sell dogs there. I will be the dog king of the metaverse!”
Shen’s line sent Doge King prices soaring 2,443.5% in the time period spanning from a day prior to the Lunar New Year to the intraday high recorded on the first day of the Year of the Tiger.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: The Chinese authorities have issued numerous bans on cryptocurrencies, which led to an exodus of miners from that country last year.
The price rise seen in Doge King is an indicator that Chinese or Chinese-speaking investors may still play a significant role in the markets despite such bans.
The hardline taken by the authorities has not softened. Searches on Weibo, a Chinese social media platform, related to Shen's punchline and Doge King were blocked “according to relevant laws and regulations,” reported Pandaily.
Price Action: At press time, DOGE traded 0.7% higher at $0.14 over 24 hours.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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