Why Dogecoin Is Skyrocketing Today

Key Points

• Dogecoin is soaring today after the House of Representatives voted to approve the Genius Act.

• The Genius Act is the first clear-cut legislation passed to regulate the cryptocurrency industry and could help drive adoption for crypto tokens.

• A growing number of companies have adopted crypto investment strategies, and the trend could benefit Dogecoin.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is surging in Friday's trading. The meme coin token's price was up 8% over the previous 24 hours of trading as of 6:40 p.m. ET. At the same point in the day's trading, Bitcoin was down roughly 1.9%, and Ethereum was up approximately 2.5%.

The U.S. House of Representatives voted to approve the Genius Act on Thursday, and the passage of the cryptocurrency bill helped spur big gains for Dogecoin and other crypto tokens. Despite some recent valuation gains, the cryptocurrency token's price is still down roughly 30% year to date.

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Image source: Getty Images.

Dogecoin is surging amid legislative wins

Crypto tokens got a bullish catalyst after the House of Representatives voted to approve the first bill outlining definitive regulations for the cryptocurrency industry. The passage of the Genius Act in the House seemingly puts new guidelines in place that could help spur growth for the crypto industry. While the introduction of new regulations may be an impediment to growth in some cases, establishing clear-cut regulatory guidelines could help spur adoption for cryptocurrencies including Dogecoin.

What's next for Dogecoin?

Dogecoin has seen some volatile pricing swings this year, but it has recently attracted some strategic investment that could be of big interest to investors. Bit Origin announced yesterday that it had raised $500 million in funding and that it would be using the freshly raised capital to build its Dogecoin treasury. Crypto treasury strategies that involve selling new shares or taking on debt to raise funds to buy cryptocurrencies have become increasingly popular lately, and it's possible that Dogecoin could see valuation tailwinds if companies move to buy up large positions in the token and signal long-term support for the meme coin.

Should you invest $1,000 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.