Dogecoin's price gained almost 32% during 2023, mostly caused by a dramatic upsurge and risk-on mentality starting in October lately.

Source: https://seekingalpha.com/article/4657790-7-investments-to-avoid-in-2023-the-reckoning?source=feed_all_articles

Given continued strong cash flow generation and a risk-on attitude to Chinese credit-tech companies, QFIN is going to give immense returns to shareholders.

Source: https://seekingalpha.com/article/4590670-360-digitech-china-is-no-longer-a-risk?source=feed_all_articles

In turn, this dynamic may encourage sentiment in other risk-on asset categories.

Source: https://investorplace.com/2023/02/hammerhead-energy-hhrs-stock-soars-on-first-trading-day/

“It’s a continuation of the risk-on sentiment that we’ve really seen to start 2023,” said Macan Nia, co-chief investment strategist at Manulife Investment Management.

Source: https://www.baytoday.ca/business/sptsx-composite-gains-130-points-us-markets-rally-for-second-day-in-a-row-6420376

While I haven't been trading it, I've often used the action in Bitcoin as an indicator of a risk-on environment for stocks.

Source: https://seekingalpha.com/article/4614736-week-on-wall-street-unraveling-this-complex-market?source=feed_all_articles