Dogecoin (DOGE 1.57%) is roaring higher in Thursday's trading. The cryptocurrency was up 6.4% over the previous 24 hours as of 11 a.m. ET today. Meanwhile, Bitcoin was up 1%, and Ethereum was up 6.5%.
Dogecoin is soaring today following news that President Donald Trump is set to sign an executive order that could have major positive implications for the cryptocurrency market. The order would pave the way for crypto and other alternative assets to be included in 401(k)s.
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Dogecoin is soaring in response to a potentially major executive order on 401(k)s
With the executive order that President Trump is expected to sign today, Dogecoin and other cryptocurrencies will get another big round of backing from the administration, and it could translate to sustained bullish momentum. Besides the added financial legitimacy that digital coins get with being eligible for inclusion in 401(k)s, the new executive order also looks poised to expose the crypto market to bullish catalysts from employers' matching contributions.
In other words, employees with a 401(k) plan could contribute to their account and use the benefits of their employer match to purchase cryptocurrencies. These plans are a major part of saving and retirement preparation for many U.S. citizens, and allowing cryptocurrencies to be part of these accounts has the potential to create a wave of sustained purchasing across the crypto market.
What's next for Dogecoin?
The Trump administration has been making moves that could significantly accelerate adoption for cryptocurrencies, and it seems likely that the crypto industry will continue to see relatively high levels of support from the executive branch throughout Trump's term.
While Dogecoin remains a high-risk investment, heightened levels of government support are creating catalysts that could help push its token price above current levels.
