Dogecoin (DOGE 0.71%) stock is seeing modest gains in Monday’s trading. The cryptocurrency’s token price was up 0.4% over the previous 24 hours of trading as of 5:30 p.m. ET. Meanwhile, Bitcoin was down 0.7% and Ethereum was up roughly 0.4%.
After a huge run-up in valuations for altcoins in the previous week of trading, the cryptocurrency market is seeing a day of relative calm today. Dogecoin has barely climbed over the last day of trading, but it’s still up approximately 36% over the last seven days.
Dogecoin was one of the biggest winners among major cryptocurrencies in last week’s trading. The token saw big gains in conjunction with the U.S. House of Representatives’ “Crypto Week” event. As part of the legislative push, the GENIUS Act establishing regulatory guidelines for stablecoins was passed and signed into law by President Donald Trump, and the Clarity Act setting new guidelines for which assets are subject to regulation by the Securities and Exchange Commission (SEC) was approved to be sent to the Senate for further review.
In addition to the legislative catalysts, Dogecoin also got a big valuation boost from news that Bit Origin had raised $500 million to invest in Dogecoin tokens for its cryptocurrency treasury. The meme coin saw huge bullish momentum thanks to those valuation drivers, but it’s only managing slight gains today as investors reassess their strategies.
The crypto market has been red hot recently, and Dogecoin has been a major beneficiary of the trend. As expectations have risen that the Federal Reserve will deliver multiple interest rate cuts this year and signs of strong political support for the crypto industry have emerged, there have been indications that investors are pulling some investment dollars out of Bitcoin and backing riskier tokens with higher reward potential. If the trend continues, it could benefit Dogecoin.
