There really isn’t anything specific driving the substantial gain today. Rather, the meme coin is caught up in a larger rally after Bitcoin finally reversed its weeks-long slide. The OG cryptocurrency was approaching $60,000 for the first time in nearly 18 months.
True to form, altcoins like Dogecoin followed Bitcoin’s lead.
Bitcoin’s troubles deepened as tech stocks sold off hard on growing concerns about artificial intelligent (AI) spending. Recent earnings revealed that big tech’s infrastructure investments keep hitting new records, raising questions about when — and if — these massive outlays will pay off.
The tech-heavy Nasdaq Composite lost nearly 4.5% over the week’s first four days before bouncing 2.1% on Friday.
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