cryptocurrencies have generally followed suit, dropping 0.5% over the past 24 hours as of 1:30 p.m. ET.
Crypto prices have mostly declined on Friday, with major cryptocurrencies dropping 0.5% over the past 24 hours as of 1:30 p.m. ET. However, Dogecoin (CRYPTO: DOGE) is bucking the trend with a 7.3% gain over the same time frame.
Here's what happened, and why it matters.
Dogecoin Surges 7% on Down Day in the Crypto Market
After rising 7.3% on Thursday, Dogecoin continued to surge on Friday, with this top meme token posting a gain of 7.3% over the past 24 hours as of 1:30 p.m. ET. That's a big move, especially considering that major cryptocurrencies were down on Friday.
Dogecoin's price has been surging in recent weeks as traders have piled into the cryptocurrency ahead of the meme token's integration with payments app XDEFI Wallet and Web3 social media platform OnlyFans. Both integrations are expected to occur in the first quarter.
Dogecoin's recent gains have also been fueled by the cryptocurrency's listing on Robinhood Markets (NASDAQ:HOOD) and the integration of Dogecoin payments into Tesla (NASDAQ:TSLA) vehicles. Both milestones were achieved in 2023.
Dogecoin's price is now up more than 100% year to date.
What It Means
Dogecoin's recent gains are impressive, especially considering that major cryptocurrencies were down on Friday. This suggests that traders are continuing to buy Dogecoin despite the cryptocurrency's recent gains and high valuation.
Dogecoin's upcoming integrations with XDEFI Wallet and OnlyFans are likely to drive even more demand for the cryptocurrency, which could continue to push its price higher in the coming weeks.
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