Dogecoin (DOGE-USD) lost 7.5% on Wednesday, retracing gains made earlier this week after its symbolic logo appeared on the Department of Government Effectiveness website. Initially rising from $0.34 to $0.38 on Tuesday, DOGE fell back to $0.36 as profit-taking took hold. The website, run by Elon Musksaw several updates Wednesday, ultimately showing only the department name and a dollar sign.
Solana and HYPE lead market recovery
While DOGE stumbled, Solana’s SOL (SOL-USD) jumped 8%, joining XRP (XRP-USD) by leading broader action cryptocurrency market recovery. The CoinDesk 20 Index returned 2.57%, reflecting optimism towards large-cap tokens. Hyperliquid’s HYPE token became the top performer, jumping 13% in 24 hours.
Traders Watch Trump’s Next Move
Market players are now interested in Donald Trump’s decrees and possible tariff decisions. Jeff Mei, COO of BTSE, noted his optimism about the pro-crypto policy changes, saying: “We are already seeing positive signals, such as the appointment of pro-crypto Caroline Pham as CFTC commissioner. »
Bitcoin hovered around $105,000 after rebounding from $101,000 on Tuesday. Alex Kuptsikevich of FxPro highlighted the resilience of the market but added: “An additional factor is needed for further momentum. »
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