The cryptocurrency Dogecoin (DOGE -7.64%) is moving higher today, up 4.2% in the last 24 hours as of 3:18 p.m. ET. The jump comes as the S&P 500 and Nasdaq Composite were relatively flat, while many cryptos trade higher.
Dogecoin is rising amid broad positive sentiment for crypto as a major crypto exchange had its initial public offering (IPO) today.
Bullish IPO fuels positive sentiment
The Peter Thiel–backed crypto exchange Bullish made its public debut today at $37 per share, raising $1.1 billion. Shares quickly more than doubled, climbing to roughly $90 within hours. Bullish targets institutional clients and focuses on Bitcoin and Ethereum trading, but its blockbuster debut added to the upbeat tone, lifting altcoins across the board.
https://www.barrons.com/articles/bullish-ipo-stock-price-ticker-2906cbab
Trump is boosting the crypto market
President Trump signed an executive order last week authorizing the inclusion of cryptocurrencies and other "alternative assets" in retirement plans in 401(k)s. This is helping to fuel optimism in the market and enthusiasm for Dogecoin.
Image source: Getty Images
Traditionally, the performance of crypto has diverged from the stock market, and adding it to a retirement plan could help investors diversify. However, in recent years, the two have become much more closely tied as institutional exposure to crypto grows. It's not clear whether this relationship will hold moving forward, especially if a major market downturn comes.
https://www.cnbc.com/2025/01/08/crypto-options-in-401k-plans-heres-what-you-need-to-know.html
Verdict: Still a speculative meme coin
While Dogecoin has outlasted most meme coins, it remains an inflationary asset with no fundamental utility. The recent rally reflects sentiment more than substance, and I'd avoid adding it to your retirement assets or treating it as a long-term investment.
