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 itcoin">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 itcoin">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 itcoin">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 itcoin">Bitcoin investors have been accumulating despite price fluctuations, with whales purchasing more than 30,000 BTC in the past two days. However, US spot itcoin">Bitcoin ETFs have underperformed compared to Ethereum’s ETFs in recent days, highlighting the complex dynamics at play in the current crypto market landscape.
