Why Dogecoin, Shiba Inu, and Sui Are Soaring This Week

Cryptocurrencies rebounded this week, as the regulatory landscape continued to improve and as investors reacted to ongoing tariff news. President Donald Trump's business ventures also announced further involvement with the sector.

Since last Friday, the price of meme stocks Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded 15.5% and 14% higher, respectively, as of 11:57 a.m. ET Thursday. The price of Sui (CRYPTO: SUI) had blasted over 20% higher.

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More regulatory tailwinds

Trump promised to be an ally toward the crypto sector and so far he's definitely delivered. He's surrounded himself with crypto proponents and issued an executive order for the creation of a Strategic Bitcoin Reserve, as well as a U.S. Digital Asset Stockpile that will likely involve several cryptocurrencies.

The U.S. Securities and Exchange Commission (SEC) dropped another crypto-related investigation into an Australian company called Immutable, a gaming platform that had conducted private sales of a native cryptocurrency on its platform. The SEC has now dropped several crypto-related investigations and lawsuits on companies including Coinbase Global, Robinhood Markets, Kraken, and Ripple, the company behind XRP, in a clear signal to the industry that regulators will not stand in their way.

In other news, Congress voted this week to repeal a cryptocurrency tax provision that would have required some decentralized crypto platforms to gather and submit user trading data to the Internal Revenue Service (IRS). The rule also would have required these platforms to act like traditional securities brokers in other ways such as issuing 1099 tax returns to customers and reporting other transactions. Trump is expected to sign the repeal into law.

Image source: Getty Images.

Meanwhile, Trump Media & Technology Group, the parent company of Truth Social, announced a partnership with Crypto.com that will help the company launch spot crypto exchange-traded funds (ETFs). Crypto.com will help Trump Media by supplying back-end technology, custodial services, and the actual cryptocurrencies for the ETFs.

In company-specific news, Elon Musk, a well-known proponent of Dogecoin, shared a meme created by artificial intelligence on X, the platform he owns, of himself holding a Shiba Inu dog, which is Dogecoin's mascot. While it may not seem like much, it's certainly not uncommon for Musk's posts about Dogecoin or crypto to trigger big runs. Musk has nearly 220 million followers on X.

Shiba Inu this week confirmed rumors about the upcoming launch of Shib Finance, a platform that would offer lending, borrowing, and savings in a more comprehensive way than traditional crypto collateral-based lending, and which could improve the utility of Shiba Inu. I didn't see a lot of news about Sui, a platform that utilizes smart contracts to increase transaction speed and allows people to interact with stablecoins on its network. But the token seems to still be rallying from Canary Capital's recent submission of an application to launch a spot crypto ETF for Sui.

Crypto is hanging on

Despite all of the positives on the crypto front, Trump's tariffs definitely seem to be pressuring the sector, and the president continues to go back and forth on how intense and broad tariffs will be, adding to the uncertainty. However, crypto is still largely way up since Trump won the election back in November.

While Dogecoin, Shiba Inu, and Sui can all continue to perform well as long as the crypto bull market ensues, I have no interest in these three tokens and prefer to invest in some of the more traditional tokens like Bitcoin and Ethereum.

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Bram Berkowitz has positions in Bitcoin, Ethereum, and XRP. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, Ethereum, Sui, and XRP. The Motley Fool has a disclosure policy.