While Bitcoin, Ethereum and the rest of the crypto market barely moved this Black Friday, one digital asset is skyrocketing: the Dogecoin.
The original meme currency, which has a current market cap of $12.3 billion, rose 10.5 percent in 24 hours, trading for 9 cents, according to CoinGecko. That’s a far cry from DOGE’s all-time high of 73 cents in May 2021, when Dogecoin developer Elon Musk hosted Saturday Night Live.
In fact, Dogecoin, which was originally created as a joke but later became Elon Musk’s favorite digital asset, is the best-performing major crypto-currency over the past day.
While bitcoin, the largest digital asset by market capitalization, is down 0.5 percent over the past 24 hours, Ethereum is down nearly 1 percent.
The cryptocurrency market is still reeling after a brutal month: investor confidence was shattered after the announcement of the bankruptcy of FTX, one of the largest and most popular crypto-currency exchanges. Almost all major coins and tokens have been sold this month as a result.
It’s not entirely clear why Dogecoin is experiencing a Black Friday rally, other than speculation on Crypto Twitter From an influencer on the future of blockchain.
I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.
– David Gokhshtein (@davidgokhshtein) November 25, 2022
Dogecoin was invented in 2013 by a group of engineers as a joking tribute to the meme “doge” of a Shiba Inu dog who speaks in broken English.
But when Tesla CEO Elon Musk started pumping the coin on Twitter in 2020, its value jumped. Since then, Musk and influential investor Mark Cuban have argued that the coin has utility for payments. DOGE developers even told Decrypt that they briefly worked with Musk to improve the crypto-currency.
But it’s still down 91 percent from its peak.