While Bitcoin, ethereum and other crypto markets were little changed this Black Friday. But Dogecoin is surging, with the original meme coin now capped at $12.3 billion, up 10.5 percent in 24 hours, according to CoinGecko.
Dogecoin, originally created as a joke but has since become Elon Musk’s favorite digital asset, is the best performing major cryptocurrency over the past day, Bitcoin, the largest digital asset by market cap, is down in the past 24 hours 0.5%, ethereum fell nearly 1%.
Crypto markets are still struggling after a brutal month, with investor confidence crumbling following news of the bankruptcy of FTX, once one of the largest and most popular cryptocurrency exchanges.
It’s not entirely clear why Dogecoin is experiencing a Black Friday rally, with its value skyrocketing when Tesla CEO Elon Musk started 2020 with a tweet on Twitter.