Image source: Crypto Stars
DogeCoin had an intense week on Black Friday as it outperformed Bitcoin and Ethereum in the crypto market.
On Friday, the revolutionary meme coin jumped 10.5% over a 24-hour period, as recorded by CoinGecko.
Despite the surge, it was far from DogeCoin’s all-time high in May 2021, when the coin hit 73 cents.
DogeCoin’s massive leap came when Elon Musk, an avid supporter of the meme coin, hosted Saturday Night Live.
The coin first started as a joke but became the Tesla owner’s digital asset of choice.
During Black Friday, DogeCoin became the best-performing major cryptocurrency in the market.
Read also: FTX struck with major debt to 50 creditors
Bitcoin, the leading cryptocurrency, fell 0.5% on Friday, while Ethereum dropped to nearly 1%.
Meanwhile, the cryptocurrency market continues to reel after a brutal month.
Investors were disappointed to hear that FTX, one of the most prominent and promising cryptocurrency exchanges, has gone bankrupt.
As a result, almost every major coin and token went through a sell-off.
It is unknown how DogeCoin handled a better Black Friday rally, but the Crypto Twitter speculation has gone viral.
Writing about the future of blockchain, David Gokhshtein, an influencer, said:
“I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.”
The meme coin
DogeCoin was created in 2013 by engineers who jokingly paid tribute to the “doge” meme, a Shiba Inu dog who speaks broken English.
However, Elon Musk started pumping the coin on Twitter in 2020 (which he now owns), driving up its value.
From there, Musk and Mark Cuban, an influential investor, argued over the usefulness of paying with the coin.
Despite the rally, DogeCoin is still down 91% from its peak.
As of this writing, DogeCoin has a market capitalization of $12.7 million.
While it is down -11.4% in the last 24 hours, the coin is selling for $0.093136.