Dragon Tokens Rise Over 40% As Lunar New Year Approaches, Coins Named After Mythical Beast Outperform Dogecoin, Bitcoin, Ethereum

As the global Chinese and Asian communities rejoice during the traditional Lunar New Year period, three dragon-themed cryptocurrencies have notably caught the wind beneath their wings.

What Happened: The Lunar New Year, also known as the Spring Festival, holds the top seat among the array of traditional festivals celebrated in China and many other parts of Asia. In alignment with the time-honored lunar calendar, it signals the commencement of a new year and is celebrated with great zeal.

Typically, this festivity begins anytime from late January to the middle of February. On the mainland, the Lunar New Year ushers in a week-long public holiday. This year, the eagerly awaited celebration lands on February 10, marking the advent of the Year of the Dragon. In the spotlight for 2024 is the Year of the Wood Dragon, a distinctive combination that pairs the animal zodiac, Dragon, with the Wood element.

Named after the current zodiac sign, the Year of the Dragon YOD/USD token intertwines the region’s rich cultural heritage with the modernity of digital currency. Poised to leverage the Chinese New Year’s timing, the token has seen a 40% surge in value over the last 24 hours, currently priced at $0.00054.

Another token is Dragon, sharing the ‘Dragon’ moniker, which has secured curiosity as the Lunar New Year inches nearer. The valuation of DRAGON has climbed to $0.000018, which means a 29% leap in a single day.

Furthermore, another token Silly Dragon SILLY/USD has soared onto the scene from the Solana ecosystem, introduced by Solana co-founder Anatoly Yakovenko during Halloween of 2023. The name ‘dragon’ resonates with more investors. This is reflected in an 8% upswing in its price, with Silly Dragon tokens now trading at $0.046.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Over the past 24 hours, well-known cryptocurrencies like Bitcoin BTC/USD saw a slight increase of 0.25%, while Ethereum ETH/USD climbed by 1.85%, and Dogecoin DOGE/USD by 0.31%.

Benzinga's Note: Tokens associated with festive themes, such as those surrounding the Lunar New Year, often experience heightened volatility due to their low liquidity and smaller market capitalizations. Investors should exercise caution and conduct thorough research before engaging in trading activity with such assets. Market conditions can change rapidly, and past performance is not indicative of future results.

Image generated with artificial intelligence using Dall-E

Price Action: DOGE was trading at $0.00002782, up 1.11% in the last 24 hours, according to Benzinga Pro.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

This content was partially produced with the help of artificial intelligence and was reviewed and published by Benzinga editors.