Why Dogecoin Is Jumping Today

Dogecoin (CRYPTO: DOGE) is seeing significant gains in Friday's trading. The cryptocurrency's token price was up 4.5% over the past 24 hours, as of 4:30 p.m. ET. Meanwhile, the price of Bitcoin was up 2.9%, and the price of Ethereum was up 1.7%.

Despite a big pullback for the stock market due to macroeconomic news today, the cryptocurrency market is proving quite resilient and posting gains. Dogecoin is seeing stronger gains than most major tokens, and its valuation could be getting a boost from possible inclusion in a new security from Grayscale and a recent bullish forecast.

Stocks sold off in Friday's trading after the Bureau of Labor Statistics published a report showing that 256,000 jobs were added in December. The average economist estimate had called for 155,000 jobs to be added in the period, and the higher-than-anticipated results sparked new fears about inflation and sent stocks tumbling.

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Source Fool.com