Why Dogecoin Was Skyrocketing Last Week

Key Points

• Dogecoin saw massive gains last week as investors ramped up their bets on altcoins.

• The GENIUS Act governing stablecoins was signed into law, and other crypto-related legislation also passed the House.

• Bit Origin announced that it was raising $500 million in new funding in order to buy Dogecoin tokens for its treasury.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) has been on a tear and scored huge valuation gains over the past week. The company's share price was up 35.1% over the past seven days of trading, as of 3 p.m. ET Sunday. Meanwhile, the price of Bitcoin had actually fallen 0.5% across the stretch, and Ethereum was up 25.3%.

Although pricing momentum for Bitcoin took a bit of a breather on the heels of a record high, the past week of trading has seen very strong bullish momentum for altcoins. Dogecoin's token saw massive gains thanks to the passage of crypto-related legislation in the U.S. House of Representatives and news that Bit Origin is making the meme coin central to its cryptocurrency treasury strategy.

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Dogecoin soars after "Crytpo Week" and the passage of the GENIUS Bill

The House of Representatives voted on Thursday to approve the GENIUS Act as part of its "Crypto Week" event, and President Trump signed the bill into law the following day. The GENIUS Act establishes the first-ever regulatory frameworks for cryptocurrency stablecoins, and Trump made statements that investors saw as extremely supportive of the crypto industry when signing the bill.

In addition to the GENIUS Act, the House of Representatives also voted to pass the Clarity Act -- which has been drafted to establish a defined framework that lays out what assets are regulated by the Securities and Exchange Commission (SEC). The Senate still has to consider the Clarity Act before becoming law, but it would limit the extent to which the SEC has regulatory domain over the crypto market if it passes.

The solidification of political support for the crypto industry helped power explosive gains for Dogecoin and other altcoins. But despite recent valuation gains, Dogecoin's token price is still down roughly 65% from its lifetime high.

What's next for Dogecoin?

While Bitcoin and Ethereum have seen significant interest as central components in companies' cryptocurrency treasury strategies, Dogecoin and other meme coins generally hadn't attracted much investment attention. That could be changing.

On July 17, Bit Origin published a press release announcing that it was raising $500 million in funding through new stock sales and convertible debt offerings in order to buy Dogecoin for its treasury. While it's too early to say whether Dogecoin will continue to attract large-scale investment from companies utilizing crypto treasury strategies, rising support along those lines could become a major bullish catalyst for the token.

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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.