Why Dogecoin Is Soaring Today

Key Points

• Media company Thumbzup, now backed by Donald Trump Jr., is considering adding Dogecoin as a treasury asset.

• Dogecoin's value has plummeted in recent months as Elon Musk and President Trump have fallen out.

• Dogecoin remains a meme coin fueled by hype.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is on the rise today, up 7.3% over the past 24 hours as of 3 p.m. ET. The rise comes as the S&P 500 gained 0.3% and Bitcoin gained 1.9%.

Thumbzup, a media company that has recently adopted a Bitcoin accumulation strategy, announced its board has approved adding additional crypto assets, including Dogecoin.

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More crypto assets for this small company

Though Thumbzup is a very small company with a market capitalization of just $90 million, the news is market-moving because President Donald Trump's son, Donald Jr., just took a significant stake in the company.

The new direction Thumbzup has chosen, accumulating Bitcoin as a major treasury asset through equity sales and taking on debt, follows in the footsteps of Michael Saylor's MicroStrategy and several other companies. It seems Thumbzup believes there is value in moving beyond Bitcoin, although it hasn't confirmed it will do so.

Image source: Getty Images.

Ups and downs for Dogecoin

While it's almost never a quiet time in the world of crypto, Dogecoin has been on a particularly wild ride over the past year. The unofficial "Dogefather" and champion of the company, Elon Musk, sent the coin flying when his backing of Trump's campaign paid off and he was given a place inside the new administration. The coin has tanked since Musk and Trump's relationship has soured.

It's a perfect encapsulation of why this is not an asset to invest in. This is a meme coin, pure and simple. It relies almost entirely on hype. Investors would do well to stay away.

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