Dogecoin Drops After Quick D.O.G.E Surge; SOL and HYPE Lead Crypto Recovery.

Crypto Market Sees Mixed Movement as Solana and XRP Surge; Dogecoin Pulls Back

The crypto market showed mixed movements on Wednesday as Bitcoin (BTC), Ether (ETH), and BNB Chain’s BNB each gained under 1% over the past 24 hours, while Solana’s SOL and XRP surged by as much as 7%.

Dogecoin (DOGE) retraced its gains from Tuesday, falling by 7.5% amid profit-taking, as it traded around 36 cents during European noon hours. The token had previously surged from 34 cents to 38 cents on Tuesday after the display of the DOGE logo on the Elon Musk-led Department of Government Efficiency website. The site was updated in the early hours of Wednesday to show an animated dog image, and later changed to display only the name and a dollar sign.

Meanwhile, Solana’s SOL gained 8%, leading the crypto market rebound, as it recovered some of its losses from earlier in the week. The CoinDesk 20 (CD20), a broad index of major cryptocurrencies, returned 2.57% in total.

Among large-cap tokens, Hyperliquid’s HYPE token was the standout performer, rising 13% to deliver the highest returns among tokens with a market cap above $5 billion. This has led traders to focus on Donald Trump’s executive orders and potential tariff decisions for clues on market positioning.

“Crypto markets are experiencing a dip as traders take profits, while they await further developments on potential tariffs on Mexico and Canada, which could impact stock markets when the U.S. stock market opens tomorrow,” said Jeff Mei, COO of BTSE, in a Telegram message. “Despite this, we remain optimistic that Trump will issue executive orders to reverse anti-crypto policies from the Biden administration. With the recent appointment of Caroline Pham as CFTC Commissioner, who is seen as pro-crypto, we’re already seeing positive signals,” Mei added.

Alex Kuptsikevich, an analyst at FxPro, echoed similar sentiments in an email to CoinDesk. “The market’s quick recovery shows ongoing interest in risk assets. Bitcoin traded near the $105K mark and was swiftly bought when it dropped to $101K on Tuesday. However, when it reached $107K early Wednesday afternoon, sellers took over. While optimism remains high, the market will need another catalyst for further momentum,” Kuptsikevich said.