DOGE made some commotion over a slow holiday weekend in the cryptocurrency markets.
The price of the well-known meme currency, which was trading at more than 10 cents, increased 16% during the previous 24 hours. Since last Monday, DOGE has increased by almost 50%, with most of those gains coming over the Thanksgiving vacation in the United States, which began on Thursday.
The causes of the increase are unclear, however social media influencer David Gokhshtein speculated on Thursday to his more than 700,000 Twitter followers that new Twitter CEO Elon Musk and Ethereum co-founder Vitalik Buterin would collaborate on DOGE improvement.
“We’ll all likely witness Vitalik and Elon collaborating to improve $DOGE, Gokhshstein predicted.”
Although the biggest cryptocurrency’s ability to maintain its perch over $16,000 for yet another few days hardly suggests a more lasting upturn is approaching, some analysts have said, investors worried about another post-FTX-related price plunge in the crypto markets could take heart from bitcoin’s resilience. When the U.S. started its Thanksgiving holiday celebrations on Wednesday, BTC was trading at about $16,500, fairly unchanged over the previous 24 hours.
Craig Erlam, senior market analyst for foreign exchange market maker Oanda, wrote, “I’m not sure it will be that easy. It’s trying to settle around the $15,500-$17,000 zone and weather the storm.
Traditional markets were closed on Thursday, and there was little stock trading the next day as a result of many businesses—including significant financial services firms—closing. The cryptocurrency markets were also tranquil.
The market value of Ether, the second-largest cryptocurrency, was recently trading at around $1,200, roughly flat from Saturday at the same time and around where it stood as Thursday morning. Apart from DOGE, the majority of the top 20 cryptocurrencies on CoinDesk traded sideways, though XLM recently increased by more than 3%. The performance of cryptocurrencies is tracked by the CoinDesk Market Index (CDI), which increased by roughly 1%.
As the effects of the collapse of the cryptocurrency exchange FTX earlier this month spread, Oanda’s Erlam was less than optimistic about the cryptocurrency markets.