Dogecoin, Shiba Inu, and other meme coins are getting pulled into crypto’s orbit: Why are prices rising today?
Earlier today, the price of Bitcoin passed the $120,000 milestone for the first time, marking a dramatic rise for the world’s most popular cryptocurrency over the last three months.
But it’s not just mainstream tokens that are enjoying a rally this week. So-called meme coins, including Shiba Inu, Elon Musk favorite Dogecoin, and President Trump’s own Trump Coin, have also seen their value increase in recent days. Here are some of the latest figures from crypto price tracker CoinMarketCap:
- Pepecoin (PEP) Up 24.31 in 7 days
- Dogecoin (DOGE): Up 20.73% in 7 days
- Shiba Inu (SHIB): Up 17.19% in 7 days
- Official Trump (TRUMP) Up 12.52% in 7 days
This is in addition to stock price increases for companies that are crypto adjacent, such as Coinbase, whose shares are up 47.98% over the last month.
Why are crypto prices rising?
Cryptocurrencies can be highly volatile and tend to fluctuate with broader market conditions, so it’s not always easy to tell what is driving any particular rally.
However, one clear reason why crypto tokens may be up this week is that Congress is set to debate and possibly vote on a various key pieces of legislation that are seen as advancing Trump’s crypto-friendly agenda.
As Bloomberg reports, the actions are being dubbed “Crypto Week.”
The legislation includes the Senate’s GENIUS Act, which would create a regulatory framework for a dollar-pegged stablecoin. It also includes the Digital Asset Market Clarity Act of 2025—aka the Clarity Act—which aims to create a framework for digital assets more broadly.
Potential crypto-related movement on Capitol Hill comes in addition to growing institutional demand for Bitcoin and other cryptocurrencies, as Fast Company reported last week.
Add it all up and you have a lot of enthusiasm at the moment for Bitcoin and its fellow cryptocurrencies all the way down the chain.
At the same time, it’s important to keep in mind that we’ve been here before. In late 2021, Bitcoin was riding high on what was then a record price, somewhere just north of $64,000. It came crashing down in the wake of numerous crypto scandals and the ensuing “Crypto Winter” of 2022. It took more than two years to recover.