Dogecoin (DOGE) regained Tuesday’s gains while Solana’s SOL jumped 8% higher as crypto markets rebounded on Wednesday to reverse some losses from earlier in the week.
DOGE fell 7.5% on profit-taking, data showed, to trade at 36 cents in European midday hours, paring gains after a jump from 34 cents to 38 cents on Tuesday – when it rose after the display of its token’s logo on the Elon Musk-led Department of Government Efficiency website.
The website was later updated in Asian morning hours on Wednesday to show another animated image of a dog. It was updated again in the afternoon to show only its name and a dollar sign.
Crypto majors showed mixed moves as bitcoin (BTC), ether (ETH) and BNB Chain’s BNB rose less than 1% in the past 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 zoomed by 13% and returned the most among large-cap tokens over $5 billion in capitalization. As such, traders look to Donald Trump’s orders and rate decisions for clues about market positioning.
“Crypto markets are down as traders take profits and wait to see the potential impact of tariffs on Mexico and Canada, which could affect equity markets when the US stock market opens tomorrow,” Jeff Mei, COO at BTSE, said in a Telegram message.
“However, we are optimistic that in the coming days and weeks Trump will issue orders and roll back anti-crypto policies set by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we are already seeing positive signals,” added Mei.
Traders like FxPro’s Alex Kuptsikevich echoed the sentiment in an email to CoinDesk.
“The market’s rapid recovery is a sign of continued interest in risk assets. Bitcoin is trading close to the $105K mark. It was quickly bought back on Tuesday when it fell to $101K, but when it hit the $107K level early Wednesday afternoon, the market switched to sellers. It is clear that optimism is high in the market, but an additional factor is needed for new momentum,” said Kuptsikevich.
