Why Dogecoin Is Soaring Today

Key Points

• President Donald Trump is expected to sign an executive order today allowing cryptocurrencies and other alternative assets to be part of 401(k)s.
• Inclusion in 401(k) accounts could create a major bullish catalyst for Dogecoin and other cryptocurrencies.
• Dogecoin and the broader crypto market have benefited from unprecedented levels of government support.
• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) is roaring higher in Thursday's trading. The cryptocurrency was up 6.4% over the previous 24 hours as of 11 a.m. ET today. Meanwhile, Bitcoin was up 1%, and Ethereum was up 6.5%.

Dogecoin is soaring today following news that President Donald Trump is set to sign an executive order that could have major positive implications for the cryptocurrency market. The order would pave the way for crypto and other alternative assets to be included in 401(k)s.

Image source: Getty Images. ## Dogecoin is soaring in response to a potentially major executive order on 401(k)s

With the executive order that President Trump is expected to sign today, Dogecoin and other cryptocurrencies will get another big round of backing from the administration, and it could translate to sustained bullish momentum. Besides the added financial legitimacy that digital coins get with being eligible for inclusion in 401(k)s, the new executive order also looks poised to expose the crypto market to bullish catalysts from employers' matching contributions.

In other words, employees with a 401(k) plan could contribute to their account and use the benefits of their employer match to purchase cryptocurrencies. These plans are a major part of saving and retirement preparation for many U.S. citizens, and allowing cryptocurrencies to be part of these accounts has the potential to create a wave of sustained purchasing across the crypto market.

What's next for Dogecoin?

The Trump administration has been making moves that could significantly accelerate adoption for cryptocurrencies, and it seems likely that the crypto industry will continue to see relatively high levels of support from the executive branch throughout Trump's term.

While Dogecoin remains a high-risk investment, heightened levels of government support are creating catalysts that could help push its token price above current levels.

Should you buy stock in Dogecoin right now?

Before you buy stock in Dogecoin, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Dogecoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Story ContinuesConsider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $635,544!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,099,758!*

Now, it’s worth noting Stock Advisor’s total average return is 1,046% — a market-crushing outperformance compared to 181% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.

See the 10 stocks »

*Stock Advisor returns as of August 4, 2025

Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.

Why Dogecoin Is Soaring Today was originally published by The Motley Fool

View Comments