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#加密市场反弹

The Doge King (DOGEKING) token speculation case is a typical example of capitalizing on the popularity of the Spring Festival Gala to harvest retail investors.

On January 31, 2022, during the CCTV Spring Festival Gala, Shen Teng mentioned in the skit "Still Not Returning" that he was trading dogs in the metaverse and even referred to himself as the "dog king" of the metaverse. As early as November 2021, the token DogeKing was already launched on the Binance Smart Chain, which is a derivative of Dogecoin.

On the night of the gala, as soon as Shen Teng's lines were spoken, investors began to buy DogeKing. The price of this token surged fourfold within five minutes from 20:55 to 21:00, and in the following half hour, it skyrocketed at a rate of doubling every five minutes, reaching a peak increase of 1009.83% within the day, with a 24-hour trading volume of approximately 15,580,000 RMB.

After the gala ended, early participants began to cash out in large quantities. Subsequently, the popularity of the token faded, and its market value plummeted, eventually falling below 2% of its peak value, with over 85% of following retail investors suffering losses. Additionally, this project lacks clear team information and a white paper, relying solely on hype without any practical application value, essentially being a speculative harvest targeting retail investors.

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