Dogecoin Leads Altcoin Surge as Traders Chase Risk
Dogecoin, the meme coin that refuses to fade away, has jumped nearly 36% in the past week—outperforming most major altcoins. At around $0.27 per coin, it’s inching close to a six-month high, a level last seen back in February.
But here’s the thing: analysts aren’t entirely convinced this rally is about Dogecoin itself. Zach Pandl from Grayscale suggests it’s more about traders feeling bold again. “The gain lines up with broader altcoin movement,” he told Decrypt. “It’s not really about Dogecoin’s fundamentals—just traders taking more risks.”
Stablecoin Law and the Altcoin Effect
Pandl pointed to the recent U.S. stablecoin legislation as another factor lifting the market. The GENIUS Act, signed into law last week, brings clearer rules for digital tokens—something that seems to be giving investors confidence, even in speculative corners like meme coins.
Katie Talati from Arca added another angle. With Bitcoin and Ethereum already posting big gains, she thinks investors are now shifting spare cash into smaller, more volatile assets. “When major tokens move, people take profits and look for the next thing,” she said. “Retail favorites like DOGE, XRP, and ADA tend to catch that wave.”
Dogecoin’s wide availability on exchanges doesn’t hurt either. It’s easy to buy, which makes it a go-to when smaller investors jump back in.
Corporate Moves and Musk Nostalgia
Then there’s the corporate side. Bit Origin, a Nasdaq-listed crypto miner, just announced a $500 million Dogecoin treasury plan after an initial $40.5 million purchase. It’s a trend—public companies holding crypto to boost their stock appeal.
And, of course, you can’t ignore Elon Musk. Last year, DOGE spiked ahead of the U.S. election when Musk started tweeting about it again. What began as a joke coin now has a cult following, partly thanks to his occasional endorsements.
Now, with spot Dogecoin ETFs in the works—Bloomberg analysts give them a 90% approval chance—the coin might be in for another wild ride. Whether that’s a good thing or just more speculation, well, that’s another question. For now, traders seem happy to roll the dice.
