This Black Friday was going to be a huge challenge and assessment for the cryptocurrency industry. It was the day when the true adoption level of each cryptocurrency was going to be monitored.
Turns out, Bitcoin (BTC), Ether (ETH), and the rest of the cryptocurrencies in the crypto-verse were not much of an interest among the Black Friday enthusiasts.
However, there was a great spike witnessed in the trading price of the largest meme coin, Dogecoin (DOGE).
This means that despite the overall downtrend, DOGE is gaining huge traction in the mainstream market.
Its value recorded a great boost during the Black Friday period, which suggests people are holding onto the meme coin.
DOGE’s Price Movement
The report shows that in the past 24 hours, the value of Dogecoin surged 10.5%.
Due to the surge, the valuation of the meme coin pumped up to a high of $12.3 billion and it is currently exchanging hands at $0.09000. The data has been reported by CoinGecko.
Despite hitting a higher trading mark in the past 24 hours, DOGE is too far below its all-time high trading figure. It was in May 2021 when the trading price of DOGE hit its all-time high of $0.73.
The ATH was recorded after Elon Musk’s appearance as the host of Saturday Night Live (SNL). There, Elon Musk openly talked about Dogecoin, sending a great frenzy throughout the DOGE market.
Investors flocked to invest in the meme coin, which caused its trading price to shoot up and hit its all-time high. Unfortunately, DOGE has not witnessed the same climb since May 2021.
DOGE’s Remarkable Performance
It is quite the spectacle for the DOGE followers who have seen it grow from just a meme coin to being among the top 10 cryptos by market valuations.
It was in early 2021 when Elon Musk started showing his interest in the meme coin. From that point, the price of Dogecoin started to spike and until May 2021, it had reached its all-time high.
It seems that the crypto community is finally growing used to DOGE. They are finally realizing that they need to treat it much more like Bitcoin and Ether but Musk’s support is taking it to another level.
The behavior of the crypto community around DOGE is much more compared to BTC and ETH. In the same period when the DOGE price has pumped, BTC and ETH suffered 0.5% and 1% price dips.
This is very promising for the entire DOGE community, increasing their confidence to stick with DOGE.
In late 2021, Elon Musk promised that if he acquired Twitter, he would integrate DOGE as a native currency.
If he stays loyal to his claim and integrates DOGE into Twitter, the DOGE community may finally witness another ATH for the asset.