Investors all over the world have been captured by the crypto craze over the past year. One of the most amusing stories has involved Dogecoin, which was launched in 2013 as a “joke” coin based on a meme. That did not stop the coin from catching fire in 2021, receiving an assist from Tesla co-founder Elon Musk. Today, I want to compare Dogecoin to a TSX stock that has also been red hot: Score Media (TSX:SCR)(NASDAQ:SCR). Which is the better buy today? Let’s jump in.
Can Dogecoin recapture its momentum?
Dogecoin first launched on December 6, 2013, by IBM software engineer Billy Markus and Adobe Software engineer Jackson Palmer. It started to truly catch fire by the summer of 2020. However, this momentum has screeched to a halt over the past month.
There was considerable enthusiasm surrounding Dogecoin and the broader crypto market ahead of Elon Musk’s appearance on Saturday Night Live. Ultimately, the showing would disappoint for crypto bulls. Musk called Dogecoin a “hustle” in a scripted skit during the Weekend Update segment. Dogecoin was trading above the US$0.70 mark ahead of Musk’s appearance. It had roughly halved its value a week later.
Dogecoin was not the only crypto to be punished in May. The impressive bull market appears to have halted or is taking a breather in the late spring. Dogecoin and its peers are not going out of the news anytime soon. As usual, this volatile market remains a risky proposition.
Why I’m excited about Score Media this summer
In late May, I’d discussed why I was looking to buy the dip in Score Media. Its shares have climbed 59% month over month as of close on June 15. Upcoming news could send the top TSX stock even higher in the days and weeks ahead.
The Toronto-based company has its eyes set on establishing a foothold in Canada’s sports betting market. Now, there is optimism that Canada is set to take a major step in legalizing single-game sports betting. In May 2018, the United States Supreme Court struck down a federal ban on sports betting. This has led to dozens of states moving to legalize the industry south of the border.
Bill C-218 aims to amend the Criminal Code and allow single-game sports betting in Canada. The bill was up for a third reading on Tuesday, June 15. Fortunately, the sports betting bill is not long. Senator David Wells, the man who proposed the bill, is cautiously optimistic that it could see passage in the months ahead.
This will be big for Score Media. Canadians bet approximately $14.5 billion on sports each year. Many Canadians already take part in single-game sports betting with offshore brokers. Score Media has already proven that its product can run as a success in some U.S. states that have moved forward with legalization.
Which is the better buy today?
Dogecoin has looked on the way down since the crypto massacre in May. Score Media, however, is set to benefit from what could be a landmark bill passage in Canada. It is not too late to jump on this promising TSX stock right now.
