Dogecoin Is Surging Today -- Is the Cryptocurrency a Buy Right Now?

Key Points

• Dogecoin is rallying following news that an ETF built around the token will launch next week.

• Companies using cryptocurrency-treasury strategies have also been buying Dogecoin.

• Dogecoin could keep rallying, but charting its trajectory involves a lot of guesswork.

• 10 stocks we like better than Dogecoin ›

Dogecoin (CRYPTO: DOGE) has continued to see gains in Friday's trading. The cryptocurrency's token price had jumped 8.7% over the past 24 hours as of 7 p.m. ET. Over the same time period, Bitcoin was up 0.8%, and Ethereum was up 5.3%.

Dogecoin is continuing to climb today thanks to news that the first exchange-traded fund (ETF) built around the cryptocurrency will be launching next week. The meme coin has significantly outperformed the broader crypto market over the last seven days, and is now up roughly 27% across the stretch.

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Is Dogecoin a buy right now?

Dogecoin is still a meme coin with little in the way of fundamentals, but the token has been seeing some strong positive adoption catalysts recently. The launch of the first Dogecoin ETF next week has the potential to be a substantial demand catalyst for the cryptocurrency, and the token has demonstrated impressive longevity despite being started as something of a joke or spoof of Bitcoin back in 2013.

Dogecoin has also been gaining greater attention and acceptance from companies using cryptocurrency treasury strategies. While the token's adoption for crypto treasuries is still far behind the levels seen for Bitcoin and Ethereum, it seems to be quickly gaining ground in the space.

While Dogecoin could continue marching higher in conjunction with positive adoption trends and bullish momentum for the broader crypto market, investors should also keep in mind that the token still comes with a very high degree of risk. Conditions have generally been moving in the token's favor, but the potential for more big gains exists alongside the potential for substantial downside volatility.

Should you invest $1,000 in Dogecoin right now?

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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.