Why Dogecoin Is Jumping Today

Key Points

• Dogecoin is rising today as investors continue to bet that the crypto bull market has legs.

• Major new crypto legislation is expected to be voted on by the House of Representatives today.

• A company recently announced that it had raised $500 million to invest in Dogecoin.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is continuing to move higher in Thursday's trading. The meme coin's token price was up 3.1% over the past 24 hours as of 3 p.m. ET. Meanwhile, Bitcoin was up 0.1% over the stretch, and Ethereum's token price had risen 2.9%.

Dogecoin's valuation is rising today as the "Crypto Week" legislative sessions held by the House of Representatives have shined a spotlight on the industry and helped support bullish momentum. The cryptocurrency may also be getting a boost from news that a company is making the token central to its crypto treasury strategy.

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Dogecoin rises as "Crypto Week" spotlights the cryptocurrency industry

The House of Representatives recently moved to advance votes for three new bills that would create new regulations and guidelines for the crypto industry. The votes are expected to take place today and could wind up opening the doors for continued bullish momentum for Dogecoin and other cryptocurrencies. Despite some recent data showing that inflation was higher than expected in June, crypto investors have also continued to bet that the Federal Reserve will reduce the benchmark rate multiple times this year.

Could Dogecoin be on the verge of powerful new catalysts?

Bit Origin announced today that it raised $500 million in funding that will be used to build a Dogecoin treasury. The news marks one of the first times that Dogecoin has been made central to company's investing strategies.

MicroStrategy, which is now doing business as Strategy, effectively pioneered the growth approach of making Bitcoin central to its operations and growth strategy. By issuing new shares and pursuing other avenues to raise funding, Strategy gave itself capital that could then be used to purchase Bitcoin. The move was a bet that Bitcoin's share price would rise significantly over time, and it's paid off in a big way for Strategy. While it remains to be seen if Dogecoin will attract large interest from other companies seeking to carry out the crypto treasury game plan, it could wind up being a significant bullish valuation 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.