What the DOGE? Why Dogecoin Has Jumped 40% in a Week
Ethereum and major altcoins have experienced significant gains, with Dogecoin (DOGE) leading the surge at nearly 36%, trading close to $0.27. This rise is attributed to increased investor risk appetite rather than changes in DOGE's fundamental value. The recent passage of stablecoin legislation in the U.S. is positively impacting the broader market. Following gains in Bitcoin and Ethereum, investors are reallocating profits into smaller altcoins like DOGE, XRP, and ADA. Bit Origin announced a $500 million DOGE treasury strategy, following a $40.5 million purchase, reflecting a trend among publicly traded companies to acquire digital assets. DOGE's popularity has been bolstered by endorsements from Elon Musk and the potential approval of spot Dogecoin exchange-traded funds, with analysts estimating a 90% likelihood of regulatory approval.
