Dogecoin (DOGE) gave back Tuesday’s gains, while Solana’s SOL rose 8% as crypto markets rallied on Wednesday to reverse some losses from earlier in the week.
DOGE fell 7.5% amid profit-taking, data shows, to trade at 36 cents at European midday, paring gains after a jump from 34 cents to 38 cents on Tuesday, when it rose after the display of its token logo on Elon Musk’s bill. website run by the Department of Government Efficiency.
The website was updated later in the Asian morning hours of Wednesday to show another animated image of a dog. It was updated again in the afternoon to show only his name and a dollar sign.
Major cryptocurrencies showed mixed movement, as BNB Chain’s bitcoin (BTC), ether (ETH), and BNB gained less than 1% in the last 24 hours, while Solana’s SOL and XRP rose as much as 7%. The broad-based CoinDesk 20 (CD20) returned 2.57%.
Hyperliquid’s HYPE token surged 13%, posting the highest return among large-cap tokens above a $5 billion cap. As such, traders are looking for clues about market positioning in Donald Trump’s executive orders and tariff decisions.
“Cryptocurrency markets have fallen as traders take profits and wait to see the potential impact of tariffs in Mexico and Canada, which could impact stock markets when the US stock market opens tomorrow,” said Jeff Mei, chief operating officer of BTSE in a Telegram message.
“However, we are optimistic that in the coming days and weeks, Trump will issue executive orders and reverse the anti-cryptocurrency policies put in place by the Biden administration. With the recent appointment of cryptocurrency supporter Caroline Pham as CFTC Commissioner, we are already seeing positive signs,” Mei added.
Traders like Alex Kuptsikevich of FxPro reflected these thoughts in an email to CoinDesk.
“The rapid market recovery is indicative of continued interest in risk assets. Bitcoin traded near the $105,000 mark. It was quickly bought again on Tuesday when it fell to $101,000, but when it reached the $107,000 level early Wednesday afternoon, the market turned to sellers. It is clear that optimism is high in the market, but an additional factor is needed to generate new momentum,” Kuptsikevich said.
