Why Is Dogecoin Jumping Today?

Key Points

• A Dogecoin "accumulation company" announced a multimillion-dollar loan to a Dogecoin miner.

• The loan will "expand DogeHash's Dogecoin mining capacity and accelerate deployment of its next-generation ASIC miners."

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is moving higher on Wednesday, up 6.4% in the last 24 hours as of 2:24 p.m. ET today. The move comes as the S&P 500 and the Nasdaq Composite have gained 0.3% and 0.4%, respectively.

The meme coin is up after yesterday's announcement from Thumzup Media Corporation that it is lending a crypto miner millions to expand its Dogecoin mining operation.

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DogeHash gets millions to mine Dogecoin

Thumzup, a small media company that has pivoted to a strategy of Dogecoin accumulation, is lending $2.5 million to DogeHash to accelerate its mining efforts. The loan comes ahead of the company's expected acquisition by Thumbzup.

The accumulation strategy follows in the footsteps of Michael Saylor's Strategy, which pioneered the practice of raising huge amounts of capital through stock sales and debt raises to purchase Bitcoin. Several companies have followed suit, including Trump Media, but Thumbzup is unique in its choice of Dogecoin.

Image source: Getty Images.

Dogecoin is a very risky asset

This is not a winning strategy. It's risky enough for Strategy, as each purchase is funded through either expensive debt or dilutive stock sales, but at least Bitcoin is a more stable asset than Dogecoin, a meme coin with no real value.

Dogecoin is highly speculative and built on hype. It really shouldn't be viewed as a serious investment -- more of a bet.

I wouldn't buy Dogecoin. Investors should instead look to cryptos with a proven track record of value and projects with innovative technology. Bitcoin and Ethereum are much smarter plays.

Should you invest $1,000 in Dogecoin right now?

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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.