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While Bitcoin, Ethereum, and the rest of the crypto market has barely budged on this Black Friday\u2014but one digital asset is soaring: Dogecoin.\u00a0<\/span><\/p>\n The original meme coin, with a current market cap of $12.3 billion, is up 10.5% in 24 hours, trading hands for 9 cents, according to CoinGecko. That\u2019s a far cry from <\/span>DOGE\u2019s all-time-high<\/span><\/a> of 73 cents back in May 2021 when Dogecoin-pumper Elon Musk hosted <\/span>Saturday Night Live.<\/span><\/i><\/p>\n In fact, Dogecoin, which was originally created as a joke but later became Elon Musk\u2019s favorite digital asset, is the best performing major cryptocurrency in the past day.\u00a0<\/span><\/p>\n While Bitcoin, the largest digital asset by market cap, is down 0.5% over the past 24 hours; Ethereum has dipped by nearly 1%.\u00a0<\/span><\/p>\n The cryptomarket is still reeling after a brutal month: investor confidence has been shattered following news that FTX, once one of the biggest and most popular crypto exchanges, went bust. Nearly every major coin and token has experienced a sell-off this month as a result.\u00a0<\/span><\/p>\n It isn\u2019t fully clear why Dogecoin is experiencing a Black Friday rally, apart from speculation on <\/span>Crypto Twitter<\/span><\/a> by an influencer about the blockchain\u2019s future.\u00a0<\/span><\/p>\n I feel that we\u2019ll all see Vitalik and Elon working together to somehow upgrade $DOGE<\/a>.<\/p>\n \u2014 David Gokhshtein (@davidgokhshtein) November 25, 2022<\/a><\/p>\n<\/blockquote>\n<\/div>\n Dogecoin was invented in 2013 by a group of engineers as a joking tribute to the \u201cdoge\u201d meme of a Shiba Inu dog that speaks in broken English.<\/span><\/p>\n But when Tesla CEO Elon Musk started pumping the coin on Twitter in 2020, it surged in value. Since then, Musk and the influential investor Mark Cuban have <\/span>argued<\/span><\/a> the coin has utility for payments. And DOGE developers even <\/span>told<\/span><\/a> Decrypt <\/span><\/i>they were briefly working with Musk on improving the cryptocurrency.\u00a0<\/span><\/p>\n But it\u2019s still down 91% from its peak.<\/span><\/p>\n\n