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First Mover Asia: Dogecoin Surges 16% to Continue Its Holiday Cheer


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On a quiet holiday weekend in cryptocurrency markets, DOGE made some noise.

The popular meme coin soared 16% over the previous 24 hours and was trading at more than 10 cents. DOGE has risen nearly 50% since last Monday with most of its gains occurring during U.S. Thanksgiving holiday celebrations, which started on Thursday. The reasons for the spike were difficult to pinpoint, although social media influencer David Gokhshtein mused to his more than 700,000 Twitter followers on Thursday about the possibility of new Twitter boss Elon Musk and Ethereum co-founder Vitalik Buterin working together on DOGE improvement.

"I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE," Gokhshstein wrote.

Investors fretting another post FTX-related price plunge in crypto markets could otherwise take heart at bitcoin's resilience, although the largest cryptocurrency's ability to hold its perch over $16,000 for yet another few days hardly suggests a more permanent upturn is approaching, a number of analysts have said. BTC was recently trading at about $16,500, roughly flat for the past 24 hours and about where it stood Wednesday when the U.S. began its Thanksgiving holiday celebrations.

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