Dogecoin (DOGE +2.84%) is gaining ground in a day of recovery trading for the broader crypto market. The meme coin's token price had risen 6.2% over the past 24 hours as of 2:50 p.m. ET. Over the same period, Bitcoin was up 3.5% and Ethereum was up 6%.
Cryptocurrency valuations are surging today after getting hit with a big sell-off Tuesday. Despite the recovery momentum, Dogecoin is still down approximately 48% in 2025.
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Dogecoin rises as investors buy back into crypto
Cryptocurrency prices plunged yesterday as investors reacted to assessments suggesting that cryptocurrency and stock prices may have entered into significantly overvalued territory. Following yesterday's sell-off, investors are buying back into both cryptocurrencies and stocks -- and there are a couple of key catalysts driving the momentum.
ADP published private-sector jobs numbers for October and reported that employment increased by 42,000 jobs last month. Meanwhile, the average forecast had called for additions of 29,000 jobs. News that the Supreme Court could potentially vote to limit President Donald Trump's ability to unilaterally impose tariffs could also be factoring into today's rally.
CRYPTO: DOGE
Key Data Points
What comes next for Dogecoin?
Dogecoin will likely continue to see significant valuation swings in the near term as investors react to macroeconomic and geopolitical developments and make assessments about the valuation trajectory for the broader crypto market. While there are a wide range of factors that could impact the cryptocurrency's token price through the remainder of the year, the outlook on whether or not the Federal Reserve will cut interest rates at its December meeting could be the most important catalyst through the rest of 2025.
