Dogecoin (DOGE-USD) lost 7.5% on Wednesday, retracing gains made earlier this week after its token logo appeared on the Department of Government Efficiency’s website. Initially spiking from $0.34 to $0.38 on Tuesday, DOGE dipped back to $0.36 as profit-taking set in. The website, led by Elon Musk, saw multiple updates Wednesday, ultimately displaying only the department’s name and a dollar sign.
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Solana and HYPE Lead Market Recovery
While DOGE stumbled, Solana’s SOL (SOL-USD) surged 8%, joining XRP (XRP-USD) in leading a broader crypto market recovery. The CoinDesk 20 index returned 2.57%, reflecting optimism across large-cap tokens. Hyperliquid’s HYPE token emerged as the top performer, jumping 13% in 24 hours.
Traders Watch for Trump’s Next Move
Market participants are now eyeing Donald Trump’s executive orders and potential tariff decisions. BTSE COO Jeff Mei noted optimism for pro-crypto policy changes, saying, “We’re already seeing positive signals, like the appointment of pro-crypto Caroline Pham as CFTC Commissioner.”
Bitcoin hovered around $105,000 after rebounding from $101,000 on Tuesday. FxPro’s Alex Kuptsikevich highlighted the market’s resilience but added, “An additional factor is needed for new momentum.”
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