Why did dogecoin's price go up today? Cryptos manage to outshine stocks

Dogecoin ( DOGE-USD ) drifted up 4.8% to eight cents in Thursday late afternoon trading as cryptocurrencies broadly eked out gains during the session. At the same time, though, stocks got dumped by market participants, with all three major U.S. equity indices off at least 1% . Stronger-than-expected macroeconomic data spurred traders to hit the sell button amid the Federal Reserve's battle to get inflation down via hawkish monetary policy. In other words, goods news translated into bad news. The meme coin was among a raft of tokens that saw modest gains intraday, including bitcoin ( BTC-USD ), +0.1% , ethereum ( ETH-USD ), +0.5% , ripple ( XRP-USD ), +1.2% , and cardano ( ADA-USD ), +1.4% . Seeking Alpha contributor Mike Fay flagged dogecoin, doge for short, as his top crypto bear pick for 2023, arguing its overvalued status .