Over the past 24 hours, around 4% above its previous level, Dogecoin (DOGE) has been trading as of 11:04 a.m. ET today, showing a 7.23% increase. The cause behind this spike isn’t immediately clear, but it could be linked to the overall positive momentum in the cryptocurrency market.
Crypto legislation is back on track
Observing from the sidelines, I notice that Dogecoin, being a meme token with limited practical uses in the real world, often doesn’t have distinct triggers driving its price movements. Yet, it exhibits volatility, frequently following trends within the broader cryptocurrency market.
This week, the U.S. House of Representatives initiated “Crypto Week” to debate and vote on three essential bills concerning cryptocurrency. The GENIUS Act aims to create a uniform set of guidelines for stablecoins, the CLARITY Act intends to construct a comprehensive structure for digital assets, while the Anti-CBDC Surveillance State Act seeks to prohibit the Federal Reserve from launching its own central bank digital currency.
Yesterday, the House did not pass the GENIUS and CLARITY Acts, legislation deemed vital by crypto supporters for resolving regulatory ambiguity and fostering industry expansion. However, President Donald Trump shared on social media last night that he had interacted with certain House members who hindered bill passage, and reportedly managed to alter their perspectives.
Yesterday’s negative response towards cryptocurrency stocks, according to Oppenheimer analyst Owen Lau, may have been an exaggerated one. He anticipates that the passing of the GENIUS and CLARITY Acts is simply a matter of time.
The bills are important
Essentially, these laws play a crucial role in maintaining progress, and it’s my belief that the recent surge in cryptocurrency is largely due to expectations they will be approved. Above all, the legislation offers clarity on regulation and guidelines for crypto businesses, which has long been a challenge for this industry.
From my perspective, I haven’t found Dogecoin enticing enough for an investment. Its purpose doesn’t seem particularly compelling, and it exhibits high volatility. Proceed with caution, as the potential risks are significant.
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2025-07-16 21:53