Dogecoin Surges 8% to Nearly $0.15 Due to New Senate Crypto Bill Draft
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: Fool
- Bill Draft Impact: Following the release of the latest Senate crypto bill draft, Dogecoin's price surged 8% to nearly $0.15, reflecting market anticipation for clearer regulations that could attract more investor interest.
- Non-Ancillary Asset Status: If the bill becomes law, Dogecoin would gain non-ancillary asset status, confirming its position in existing exchange-traded products, which could enhance its market recognition and liquidity.
- ETF Potential Advantage: With three spot Dogecoin ETFs already in place, the bill's passage would facilitate institutional and retail investors' access to Dogecoin through ETFs, simplifying the investment process, although this may not provide a long-term competitive edge.
- Fundamental Challenges: Despite the short-term price increase, Dogecoin has fallen over 55% in the past year and is down nearly 80% from its 2021 all-time high, indicating a lack of utility and growth momentum, posing long-term challenges.
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.
