Dogecoin Surges 8% to $0.15 on New Crypto Legislation News
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: NASDAQ.COM
- Price Surge: Dogecoin jumped 8% on January 13, reaching nearly $0.15, primarily driven by news of a new crypto bill that could exempt it from stricter reporting requirements, enhancing its market appeal.
- Legislative Context: The Senate's market structure bill is in its early stages, and while it has not yet become law, its 278-page draft categorizes Dogecoin alongside major cryptocurrencies like Bitcoin, potentially attracting more investor interest.
- ETF Advantage: If the bill passes, Dogecoin would gain non-ancillary asset status, allowing investors to more easily invest through existing Dogecoin ETFs without directly purchasing DOGE tokens, thus lowering investment barriers.
- Long-term Challenges: Despite potential short-term benefits from the new legislation, Dogecoin still faces issues of lacking utility and sluggish market activity, with its price down over 55% in the past year, indicating limited competitiveness in the cryptocurrency market.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
