Why Is Dogecoin Soaring Today?

Key Points

• Dogecoin rallied 9.5% as futures markets priced in a 10% chance of a large rate cut in September.

• Friday's jobs report showed payrolls coming in more than one-third below expectations, fueling rate cut speculation.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is rising today, up 7.4% in the last 24 hours as of 2:24 p.m. ET. The jump comes as the S&P 500 was mostly flat and the Nasdaq Composite gained 0.5%.

Along with much of the crypto market, Dogecoin is jumping on rate cut expectations after Friday's disappointing jobs report sparked hopes that the Federal Reserve will be more aggressive in attempting to spur economic activity.

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Fed pivot fuels crypto rally

A job report released Friday showed new payrolls missed already low expectations by more than 33%. The unemployment rate rose to 4.3% from 4.2% -- though the increase was largely driven by more people entering the job market than by layoffs. Still, the weak data was enough to shift market expectations dramatically.

According to the CME FedWatch tool, there is a 10% chance of a 50-basis-point rate cut at this month's Fed meeting, up from 0% just a month ago, and a 25-basis-point cut seems all but certain at this point. Lower interest rate environments typically boost appetite for riskier assets, and Dogecoin is certainly risky.

Image source: Getty Images.

Dogecoin is a meme coin

The meme coin is not a serious investment; it lacks meaningful utility and is subject to significant inflationary pressures. Beyond occasional social media pumps, DOGE offers little practical application; social media posts from Elon Musk seem to be the major source of its value.

I would stay away from Dogecoin. If you are interested in crypto investing, stick to Bitcoin, Ethereum, and projects with actual, innovative utility.

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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.