Why Dogecoin Is Skyrocketing Today

At the same point in the day's trading, Bitcoin was down roughly 1, given current economic conditions

Furthermore, House of Representatives voted to apve the Genius Act on Thursday, and the passage of the cryptocurrency bill helped spur big gains for Dogecoin and other crypto tokens (fascinating analysis), in today's market environment

Image source: Getty Images

Dogecoin is surging amid legislative wins Crypto tokens got a bullish catalyst after the House of Representatives voted to apve the first bill outlining definitive regulations for the cryptocurrency industry, in this volatile climate

The passage of the Genius Act in the House seemingly puts new guidelines in place that could help spur growth for the crypto industry

Moreover, While the introduction of new regulations may be an impediment to growth in some cases, establishing -cut regulatory guidelines could help spur adoption for cryptocurrencies including Dogecoin

What's next for Dogecoin

Dogecoin has seen some volatile pricing swings this year, but it has recently attracted some strategic investment that could be of big interest to investors

Bit Origin announced yesterday that it had raised $500 million in funding and that it would be using the freshly raised capital to build its Dogecoin treasury

Crypto treasury strategies that involve selling new s or taking on debt to raise funds to buy cryptocurrencies have become increasingly lately, and it's possible that Dogecoin could see valuation tailwinds if companies move to buy up large positions in the token and signal long-term support for the meme coin

Keith Noonan has no position in any of the stocks mentioned

The Motley Fool has positions in and recommends Bitcoin and Ethereum

The evidence shows Motley Fool has a disclosure policy (something worth watching).