The Dogecoin/Reddit.com Ford gets ready for its NASCAR race in 2014 (Chris Graythen/Getty Images)

Good doge

Dogecoin races up as crypto market rallies

The OG meme coin has jumped over 5% in the last 24 hours.

4/21/25 12:50PM

The crypto markets are gaining Monday morning with dogecoin, the longest-standing meme coin in the crypto space, leading the pack.

Dogecoin has increased more than 5% in the last 24 hours to trade at $0.16. With a market capitalization of about $24 billion, the meme coin is the eighth-largest cryptocurrency by that measure.

Meanwhile, bitcoin and cardano have each risen 4.5% in the same period, while ethereum, XRP, and solana have seen smaller gains.

“Dogecoin is no longer just a meme — it’s become the meme coin,” Suki Yang, the founder of meme coin platform LMAO, told Sherwood News. “What we’re seeing is a consolidation of retail-facing meme liquidity into culturally iconic assets. For most non-crypto-native participants, dogecoin is the first and sometimes only meme token they recognize and trust.”

Yang, who is a former data scientist at early-stage venture firm Electric Capital, argued that the meta surrounding meme coins is maturing, propelling the token to become the “bitcoin of memes — a store of cultural value.”

Dogecoin’s recent performance highlights the importance of attention in the broader crypto markets. Yang said, “Meme coins expose crypto’s core truth: being useful isn’t enough — you have to be wanted. Attention is upstream of liquidity.”

Dogecoin’s rally comes as crypto-focused asset managers 21Shares, Bitwise, and Grayscale have taken steps in US markets to roll out spot dogecoin ETFs.

Eric Balchunas, senior ETF analyst at Bloomberg, wrote Monday morning on X, “There are now 72 crypto-related ETFs sitting with the SEC awaiting approval to list… Gonna be a wild year.”

Users of prediction markets platform Polymarket, which is popular for speculative bets on real-world events, are placing a 19% probability that the Securities and Exchange Commission approves any dogecoin ETF by July 31 and a 50% chance a dogecoin ETF will come in 2025.

Meanwhile, a report from Kaiko Research last week gave XRP ETFs the edge on being the next crypto ETF to win SEC approval.

Sage D. Young is a crypto journalist who’s written for CoinDesk and Unchained.

Sage D. Young

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While the crypto industry has shed $564.3 billion in 2026, Hyperliquid’s native token has bucked the downtrend and jumped 54.8% year to date.

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Bitcoin ETFs reverted to outflows and bitcoin suffered $192 million in liquidations in the past 24 hours.

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, crypto exchange Kraken’s parent company, has paused its plans for an initial public offering until market conditions improve, according to a report from CoinDesk that cited two people with knowledge of the matter.

Since the firm announced in November its preparation for an IPO of its common stock, the total market capitalization of the crypto industry has shed around $652.2 billion, from $3.2 trillion to $2.5 trillion as of Wednesday, data from CoinGecko shows.

The news comes two weeks after Kraken received approval for a master account from the Federal Reserve Bank of Kansas City, allowing the crypto exchange to connect to the Fed’s payment infrastructure used by traditional banks and credit unions.

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

Last year, Kraken raised $800 million at a $20 billion valuation from institutional investors such as Jane Street and Citadel Securities.

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SEC and CFTC issue new guidance on how securities laws apply to crypto assets

On Tuesday, the US Securities and Exchange Commission, together with the Commodity Futures Trading Commission, issued an interpretation clarifying how federal securities law applies to crypto assets, a first step toward developing a clearer regulatory framework.

The interpretive guidance introduces a token taxonomy for different types of cryptocurrencies, with SEC Chairman Paul S. Atkins adding that “most crypto assets are not themselves securities.”

Examples of a digital commodity, “a crypto asset that is intrinsically linked to and derives its value from the programmatic operation of a crypto system that is ‘functional,’” include:

Aptos, avalanche, bitcoin, bitcoin cash, cardano, chainlink, dogecoin, ethereum, hedera, litecoin, polkadot, shiba inu, solana, stellar, tezos, and XRP.

The guidance also includes definitions of digital collectibles (such as NFTs), stablecoins, digital tools, and digital securities (such as tokenized real-world assets and stocks).

This is a monumental step in the mainstream adoption of the industry and clears a hurdle in how crypto can operate going forward, according to David Pakman, head of venture investments at CoinFund. “This will allow new token designs with the confidence that their existence does not require registration with the SEC, etc.,” Pakman told Sherwood News.

Despite the clarification efforts from the two organizations, the market capitalization of the crypto industry has dropped about 2% in the last 24 hours as each of the tokens mentioned in the guidance are trading lower in the period, data from CoinGecko shows.

The joint agency action also complements congressional efforts to turn a crypto market structure framework into law. With the goal of providing regulations on the offer and sale of digital commodities, the CLARITY Act passed the House of Representatives last year and is now sitting in the Senate.

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Citi analysts cut 12-month bitcoin projection to $112,000 from $143,000

The analysts’ bear-case scenario is $57,537, based on “recessionary macro-factors, especially weak equity markets,” which could cause ETF flows to stall.

Dogecoin races up as crypto market rallies

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Payward, parent company of crypto exchange Kraken, puts plans for IPO on hold

Payward, parent of crypto exchange Kraken, has put its IPO plans on hold

SEC and CFTC issue new guidance on how securities laws apply to crypto assets

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