In a notable market shift, the Solana-based meme coin dogwifhat (WIF) has seen a significant price surge of 20% over the last 24 hours, coinciding with Bitcoin’s recovery to the $57,000 level. This upward movement has propelled WIF to the 49th position among cryptocurrencies by market capitalization, with its value reaching $1.71 and its market cap growing to $1.69 billion. The coin’s daily trading volume has also spiked, hovering around $935 million, indicating renewed interest and activity in the meme coin sector.
The broader cryptocurrency market has shown signs of recovery, with Bitcoin leading the charge by crossing the $57,000 mark before settling at $56,874, representing a 3% increase. This positive momentum has pushed the total cryptocurrency market capitalization up by approximately 1.5% to $2.01 trillion. The market sentiment, as reflected by the fear and greed index, has improved to a neutral 43%, suggesting a potential shift from recent bearish trends.
While dogwifhat and Bitcoin have seen short-term gains, it’s important to note that WIF is still down 26.5% over the last 30 days and 64.8% from its all-time high. Meanwhile, on-chain data indicates that long-term Bitcoin investors have been accumulating despite price fluctuations, with whales purchasing more than 30,000 BTC in the past two days. However, US spot Bitcoin ETFs have underperformed compared to Ethereum’s ETFs in recent days, highlighting the complex dynamics at play in the current crypto market landscape.
