Why Dogecoin Is Soaring Today

Key Points

• Another major IPO kicked off today as shares of the crypto exchange Bullish began trading.
• Last week, President Trump gave his approval for cryptocurrencies to be included in retirement plans.
• Dogecoin is still a meme coin and should be treated by investors as a risky asset.
• 10 stocks we like better than Dogecoin ›

The cryptocurrency Dogecoin (CRYPTO: DOGE) is moving higher today, up 4.2% in the last 24 hours as of 3:18 p.m. ET. The jump comes as the S&P 500 and Nasdaq Composite were relatively flat, while many cryptos trade higher.

Dogecoin is rising amid broad positive sentiment for crypto as a major crypto exchange had its initial public offering (IPO) today.

Bullish IPO fuels positive sentiment

The Peter Thiel–backed crypto exchange Bullish made its public debut today at $37 per share, raising $1.1 billion. Shares quickly more than doubled, climbing to roughly $90 within hours. Bullish targets institutional clients and focuses on Bitcoin and Ethereum trading, but its blockbuster debut added to the upbeat tone, lifting altcoins across the board.

Trump is boosting the crypto market

President Trump signed an executive order last week authorizing the inclusion of cryptocurrencies and other "alternative assets" in retirement plans in 401(k)s. This is helping to fuel optimism in the market and enthusiasm for Dogecoin.

Image source: Getty Images Traditionally, the performance of crypto has diverged from the stock market, and adding it to a retirement plan could help investors diversify. However, in recent years, the two have become much more closely tied as institutional exposure to crypto grows. It's not clear whether this relationship will hold moving forward, especially if a major market downturn comes.

Verdict: Still a speculative meme coin

While Dogecoin has outlasted most meme coins, it remains an inflationary asset with no fundamental utility. The recent rally reflects sentiment more than substance, and I'd avoid adding it to your retirement assets or treating it as a long-term investment.

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

Why Dogecoin Is Soaring Today was originally published by The Motley Fool

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