Cryptocurrencies are not the first thing on one’s mind when they hear about TikTok.

But the all-singing, all-dancing application might catalyze part of the next crypto boom, believe some prominent industry analysts.

Users of the controversial video-sharing application were behind Dogecoin’s 40 percent pump this week. At press time, the price action shows no signs of stoppage; TikTok’s shillers target a price of $1 per DOGE.

This is causing traders like ex-Messari product head Qiao Wang to consider TikTok the new platform for crypto-marketing:

Think TikTok will actually become the biggest distribution channel for crypto products.

— Qiao Wang (@QWQiao) July 7, 2020

For those remotely involved in the crypto-space, TikTok might seem the logical outlet for marketing obscure platforms. After all; YouTube, Facebook, Instagram, and Google are notorious for banning cryptocurrency content—with some opacity around their reasons for doing so.

It’s for good reason. Free-for-all media brought with them scams, hype, and presence-based crypto valuations in 2017-18. Prices were not based on technology, but on which project was a better marketer.

However, this didn’t bear well, as most in the crypto-space know. An estimated 99 percent of all ICOs fell to pre-listing prices, with only a few survivors actually launching any product or fulfilling their roadmap.

Where top crypto investors spend most of their time.

2010-2013: Bitcointalk
2014-2015: Reddit
2016-2020: Twitter
2021-2030: TikTok https://t.co/EfYwF4Q5FU

— Qiao Wang (@QWQiao) July 7, 2020

Meanwhile, the user behind the recent DOGE pump seemed to call it a joke:

This tiktok I made the other day as a joke about Dogecoin went mega viral and now the crypto’s value is up 16% in the last 24hrs lol https://t.co/HimKE2VAD2

— James Galante (@Galante97) July 7, 2020

Nevertheless; altseason seems to be returning. And this time, it’s bringing TikTok for the ride.

Binance founder Changpeng Zhao, popularly known as CZ in crypto circles, tweeted June 8:

Not all alts will pump during the next #altszn. If a project has been around for 3 years but not much to show for, then…

A few that have consistently pushed development will thrive.#BUIDL

— CZ Binance (@cz_binance) July 8, 2020

CZ added the few projects that “have consistently pushed development will thrive.”

This list won’t be vast. As CryptoSlate reported in 2018; over 600 cryptocurrencies are “deadcoins,” or projects that no longer feature any development, value, and have zero token activity.

At the time, the metrics meant one in three ICOs was a dead project. Now, with over 2,600 cryptocurrencies as per CryptoSlate’s coin trackers, this number is ought to have changed.

Deadcoins.com is a site dedicated to the cause. Its trackers show over 1,900 crypto projects are either dead, exit-scammed, or seen their developers abandon the project.

Only time will tell if investors will be smarter this time or fall into a scam-trap again.

(Author’s note: CryptoSlate data trackers are real-time are subject to change from the figures mentioned above.)

The post Binance CEO has an explanation for a possible TikTok-driven altseason appeared first on CryptoSlate.

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