On this Black Friday, the price of Bitcoin, Ethereum, and the rest of the cryptocurrency market barely moved, but Dogecoin is surging.
According to CoinGecko, the market cap of the original meme coin, which has a current value of $12.3 billion, is up 10.5% in the last day and is currently exchanged for 9 cents. That’s a far cry from DOGE’s record-breaking price of 73 cents in May 2021, when Elon Musk, a proponent of Dogecoin, hosted Saturday Night Live.
While Ethereum has decreased by almost 1% over the past 24 hours, Bitcoin, the largest digital asset by market cap, has decreased by 0.5%.
After a brutal month, the cryptocurrency market is still in shock as investor confidence has been destroyed by news that FTX, once one of the biggest and most well-known crypto exchanges, has failed. As a result, this month has seen a sell-off in almost all major coins and tokens.
It look like the pump is coming from the Black Friday sales, as by different reports, shoppers are releasing their dogecoins on online shops that accept the currency, however this may be just one of the cases.
A group of programmers created Dogecoin in 2013 as a humorous homage to the “doge” meme, which features a Shiba Inu dog who speaks in slurred English.
But in 2020, Elon Musk, the CEO of Tesla, began promoting the coin on Twitter, which caused its value to soar. Since then, the coin has been argued to be useful for payments by Elon Musk and the well-known investor Mark Cuban. Decrypt was even informed by DOGE developers that they briefly collaborated with Musk on improving the cryptocurrency.
However, it is still 91% below its peak.
