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Why Is Dogecoin Flying Higher on Friday?
Dogecoin (CRYPTO: DOGE) is jumping today, up 11.1% in the last 24 hours as of 5:08 p.m. ET on Friday.
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.
Tech rebounds, lifting crypto
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.
Should you buy Dogecoin?
Let's be clear about what Dogecoin is: a meme coin -- a purely speculative asset whose value derives entirely from internet culture and collective enthusiasm rather than any fundamental utility. That makes it extraordinarily sensitive to shifts in sentiment and broader market conditions. When the vibes turn negative, there's no floor. I would not invest in Dogecoin.
Should you buy stock in Dogecoin right now?
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This article has been published in fool.com via Yahoo News.
