Why Is Dogecoin Flying Higher on Friday?
Key Points
Dogecoin is riding a wave of green higher after Bitcoin reverses a painful slide.
The tech market also reversed course after losing nearly 4.5% Monday through Thursday.
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Dogecoin (CRYPTO: DOGE) is jumping today, up 11.1% in the last 24 hours as of 5:08 p.m. ET on Friday.
There really isn't anything specific driving the substantial gain today. Rather, the meme coin is caught up in a larger rally after Bitcoin finally reversed its weeks-long slide. The OG cryptocurrency was approaching $60,000 for the first time in nearly 18 months.
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True to form, altcoins like Dogecoin followed Bitcoin's lead.
Tech rebounds, lifting crypto
Bitcoin's troubles deepened as tech stocks sold off hard on growing concerns about artificial intelligent (AI) spending. Recent earnings revealed that big tech's infrastructure investments keep hitting new records, raising questions about when -- and if -- these massive outlays will pay off.
The tech-heavy Nasdaq Composite lost nearly 4.5% over the week's first four days before bouncing 2.1% on Friday.
Image source: Getty Images.
Should you buy Dogecoin?
Let's be clear about what Dogecoin is: a meme coin -- a purely speculative asset whose value derives entirely from internet culture and collective enthusiasm rather than any fundamental utility. That makes it extraordinarily sensitive to shifts in sentiment and broader market conditions. When the vibes turn negative, there's no floor. I would not invest in Dogecoin.
Should you buy stock in Dogecoin right now?
Before you buy stock in Dogecoin, consider this:
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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.
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