Dogecoin Is Skyrocketing Today -- Is the Cryptocurrency a Buy Right Now?
Key Points
Dogecoin is rising today in response to a report suggesting that an end to the war with Iran could be in sight.
A resolution to the conflict could make it more likely that the Federal Reserve will cut interest rates.
Dogecoin still looks like a very risky play.
- 10 stocks we like better than Dogecoin ›
Dogecoin (CRYPTO: DOGE) is seeing a big valuation gain in Wednesday's trading. The meme coin's token price has risen 13.6% over the past 24 hours as of 2 p.m. ET. Meanwhile, Bitcoin was up 7.2%, and Ethereum was up 8.6%.
The crypto market is a sea of green in today's session, with investors pouring back into digital tokens in response to a The New York Times report this morning indicating potential negotiation offramps that could bring an end to the U.S. and Israel's war with Iran. According to the report, Iran's Ministry of Intelligence is willing to discuss terms that could halt the conflict. Despite gains today, Dogecoin is still down 13% across 2026's trading and 86% from its lifetime high.
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Is Dogecoin a buy right now?
If the U.S., Israel, and Iran can reach the terms needed to bring an end to the war, Dogecoin could see a significant valuation boost. A prolonged conflict threatens to deter the Federal Reserve from cutting interest rates because elevated oil prices and supply chain issues could lead to higher inflation. Additional rate cuts are at the center of the bullish thesis on Dogecoin and most other cryptocurrencies this year, and a quick end to the war makes it more likely that they will arrive.
On the other hand, I think there's a good chance that the trend of investors rotating into high-quality, less-speculative assets that has shaped much of this year's trading will reassert itself. With that in mind, I believe investors should hold off on buying Dogecoin right now.
Should you buy stock in Dogecoin right now?
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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.
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