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Dogecoin gets double-digit Black Friday pump

While Bitcoin, Ethereum and the rest of the crypto market have barely moved this Black Friday, one digital asset is surging: Dogecoin.

The original meme coin, which has a current market cap of $12.3 billion, is up 10.5% in 24 hours and trading for 9 cents, according to CoinGecko. That’s far from it DOGE is all-time high from 73 cents in May 2021 when dogecoin pumper Elon Musk hosted Saturday night live.

In fact, Dogecoin, which was originally created as a hoax but later became Elon Musk’s digital asset of choice, is the best-performing major cryptocurrency of the past few days.

While Bitcoin, the largest digital asset by market cap, is down 0.5% in the last 24 hours; Ethereum is down almost 1%.

The crypto market is still reeling after a brutal month: Investor confidence was shaken after it was revealed that FTX, once one of the largest and most popular crypto exchanges, has gone bust. Almost all major coins and tokens have seen a sell-off this month as a result.

Speculations aside, it’s not entirely clear why Dogecoin is seeing a Black Friday rally crypto twitter from an influencer on the future of blockchain.

I believe we will all see Vitalik and Elon working together to somehow improve $DOGE.

— David Gokhshtein (@davidgokhshtein) November 25, 2022

Dogecoin was invented in 2013 by a group of engineers as a joking homage to the “doge” meme of a Shiba Inu dog that speaks broken English.

But when Tesla CEO Elon Musk started pumping the coin on Twitter in 2020, its value surged. Since then, Musk and influential investor Mark Cuban argued The coin has a utility for payments. And even DOGE developers said decrypt They briefly worked with Musk to improve the cryptocurrency.

But it’s still 91% below its peak.

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