Dogecoin Soars 8% as Crypto-Friendly Genius Act Clears U.S. House

Dogecoin jumped Friday, shaking off months of sluggish performance, after lawmakers in Washington delivered a legislative win for the cryptocurrency sector. The meme-based digital asset surged 8% in 24 hours, outpacing both Bitcoin and Ethereum and reigniting bullish chatter across crypto forums.

Genius Act Passes, Crypto Breathes a Little Easier

The House of Representatives made headlines Thursday by passing the Genius Act — the first comprehensive bill aimed at providing regulatory clarity for digital assets. The move sparked a wave of optimism in the crypto space. While Bitcoin dipped and Ethereum gained modestly, Dogecoin stole the spotlight.

At $0.25 per token, Dogecoin is still off its 2024 highs, down nearly 30% year-to-date. But the passage of the Genius Act gave investors something they’ve been craving: a sense of direction from regulators.

The bill lays out how cryptocurrencies will be classified, traded, and taxed. It’s not the finish line, but for an industry often flying blind, it’s a big deal. Especially for a token like Dogecoin, which thrives more on community sentiment than technical utility.

Why Dogecoin Reacted Stronger Than Bitcoin or Ethereum

Bitcoin is often treated like digital gold. Ethereum is the playground for decentralized finance and apps. Dogecoin? It’s the internet’s favorite meme with a market cap that currently sits at $38 billion.

So why did Dogecoin respond more dramatically?

Well, regulation has always been a mixed bag for crypto. Too much of it, and innovation slows. Too little, and trust collapses. But for Dogecoin, which lacks the developer infrastructure of Ethereum or the institutional support of Bitcoin, clarity helps establish legitimacy. And legitimacy is priceless for a meme coin.

The Genius Act doesn’t mention Dogecoin specifically, but by offering a framework for the entire market, it indirectly benefits tokens that have long been brushed off as jokes.

$500 Million Bet on DOGE: Bit Origin Steps In

Just one day before Dogecoin’s spike, crypto firm Bit Origin dropped a bombshell: it raised $500 million to build a dedicated Dogecoin treasury. That’s not just a PR stunt — it’s a statement.

Bit Origin didn’t mince words. The company plans to buy and hold a significant amount of DOGE as part of its strategic reserves. That kind of corporate interest is still rare for altcoins — especially meme ones.

The move echoes strategies seen elsewhere in crypto. MicroStrategy famously took on debt to buy Bitcoin. Bit Origin’s doing the same — but with Dogecoin.

Here’s what we know so far:

• Bit Origin raised $500 million in new capital

• The funds will be used primarily to build a Dogecoin treasury

• The announcement came just 24 hours before the Genius Act vote

Timing? Not a coincidence. Bit Origin clearly saw the writing on the wall and decided to double down before the legislative dust settled.

Dogecoin’s Rollercoaster: A Look at the Numbers

Despite Friday’s spike, Dogecoin’s price chart for 2024 reads more like a heart monitor than a growth curve. Volatility has been the name of the game.

But let’s zoom out for a second.

Here’s how Dogecoin has been performing across key timeframes:

Basically, Dogecoin’s still in recovery mode. The current $0.25 level is a long way from its all-time high of over $0.70. But momentum is finally swinging upward — at least for now.

Traders who bought in during the March lows are sitting on solid double-digit returns.

Where’s Dogecoin Headed Next?

That’s the million-dollar question. Or, depending on your position, maybe the $38 billion one.

The Genius Act still has to pass through the Senate, and there’s no guarantee it survives intact. But the House vote alone has shifted sentiment.

And if companies like Bit Origin start building sizable DOGE treasuries, other firms might follow suit. That kind of demand could put upward pressure on prices, especially given Dogecoin’s limited supply dynamics.

Still, let’s not kid ourselves: Dogecoin is volatile. It’s driven as much by memes and Elon Musk tweets as by fundamentals.

But now, it also has a bit of policy tailwind — something it’s rarely enjoyed.