Dogecoin Is Jumping Today -- Is the Cryptocurrency a Buy Right Now?

Key Points

• Dogecoin is climbing today thanks to important macroeconomic data.

• August's jobs numbers were weak, which supports the case for the Federal Reserve to cut interest rates this month.

• Lower interest rates could push valuations for Dogecoin and other cryptocurrencies higher.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is posting gains Friday. The cryptocurrency's token price was up 3.7% over the previous 24 hours of trading as of 5 p.m. ET. Over the same period, Bitcoin had risen 1.1%, and Ethereum was up 0.7%.

Dogecoin is climbing higher today thanks to the latest jobs report from the Bureau of Labor Statistics (BLS). The BLS's jobs report showed that the U.S. economy added 22,000 nonfarm jobs in August. Meanwhile, the average economist estimate had called for 75,000 jobs to be added in the period.

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While the weaker jobs report is raising some red flags for the broader U.S. economy and triggered pullbacks across the stock market today, the soft jobs numbers are prompting gains for some leading cryptocurrencies. The jobs numbers suggest that the Federal Reserve will likely cut interest rates this month, which could be a substantial bullish catalyst for Dogecoin and the overall crypto market.

Image source: Getty Images.

Is Dogecoin a buy right now?

Dogecoin currently has a market capitalization of roughly $33 billion and ranks as the eighth-largest cryptocurrency by valuation. Despite Dogecoin being a meme coin with little in the way of fundamentals, the token has shown extraordinary staying power and seems to have solidified itself as one of the strongest cryptocurrencies by measure of adoption.

Dogecoin continues to be a high-risk, high-reward play. If the broader crypto market takes a dive in response to macroeconomic dynamics or other catalysts, it's reasonable to expect that the token will see big sell-offs in conjunction with the trend. Alternatively, if the crypto market sees another leg of strong bullish momentum, Dogecoin could bound far above its current pricing level.

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Keith Noonan 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.