Dogecoin Sinks After Brief D.O.G.E Pump; SOL, HYPE Lead Crypto Rebound

Dogecoin Retraces Gains, Solana Soars on Market Rebound

Dogecoin (DOGE) experienced a pullback on Wednesday, while Solana's SOL surged 8%. Crypto markets witnessed a reversal of Tuesday's losses.

DOGE declined by 7.5% as investors took profits, trading at 36 cents in European trading hours. This follows a gain from 34 cents to 38 cents the previous day, which was triggered by the display of DOGE's logo on the Department of Government Efficiency website led by Elon Musk.

The website later displayed an animated image of a dog and, again, solely its name and a dollar sign.

Major cryptocurrencies exhibited varied movements. Bitcoin (BTC), Ether (ETH), and BNB Chain's BNB rose less than 1% over 24 hours. Solana's SOL and XRP jumped by as much as 7%. The CoinDesk 20 (CD20) index returned 2.57%.

Hyperliquid's HYPE token surged 13%, outperforming other large-cap tokens with capitalizations above $5 billion. Traders are monitoring Donald Trump's executive orders and tariff decisions for guidance on market positioning.

"Crypto markets have softened as traders take profits and assess potential tariff impacts on Mexico and Canada, which could affect stock markets when they open tomorrow," stated Jeff Mei, COO at BTSE.

"We remain optimistic that Trump will issue executive orders and reverse anti-crypto policies implemented by the Biden administration," Mei added. "The recent appointment of pro-crypto Caroline Pham as CFTC Commissioner sends positive signals."

Alex Kuptsikevich of FxPro shared similar sentiments via email to CoinDesk: "The swift market recovery indicates ongoing interest in risk assets. Bitcoin traded near $105,000, falling to $101,000 on Tuesday but quickly recovering. It reached $107,000 on Wednesday, prompting a shift to sellers. Market optimism remains strong, but additional momentum is required."