Hao is of the opinion that DOGE is developing strongly. Hao says DOGE will last very long and will be in high demand because it has some unique qualities.
Jay Hao is the chief executive of OKEx crypto exchange. His recent comments were in favor of the Dogecoin (DOGE) cryptocurrency.
The CEO in a recent interview mentioned that the new features added to Dogecoin were to make it more satisfactory to owners. He said:
“Despite showing the lighter side of cryptocurrency, it is not a joke and has shown healthy development and longevity.”
Hao traced the origin of Dogecoin to Litecoin fork in 2013. Having existed for seven years, he felt it was right to address it as an old cryptocurrency. He praised Dogecoin’s capability of sending micropayments instantly even better than some of the more recognized coins. He also commended the marketing strategies employed by proponents of Dogecoin:
“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 shows support for TikTok
Hao also expressed his happiness over the TikTok pumping challenge that made DOGE to soar so high in few weeks. Here is one of the comments made by its supporters in a video:
“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.”
The man who started Barstool Sports, Dave Portnoy, criticized the campaign strategy saying it was a pump and dump style of marketing but Hao didn’t mind and he showed his appreciation. He said:
“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 reminded traders to only risk an amount they can easily recover assuming things don’t turn out as expected. He noted that more people are now thinking of altcoins because Bitcoin’s volatility does not encourage trading at the moment. Haider Rafique who heads all marketing campaigns in OKCoin believes the TikTok campaign fulfilled the reason it was started.