Dogecoin (DOGE) followed Tuesday’s gains as Solana’s SOL jumped 8% higher as crypto markets rallied on Wednesday to recoup some losses from the prior week.
DOGE fell 7.5% amid profit-taking, according to the data, to trade at 36 cents by midday in Europe, paring gains after jumping from 34 cents to 38 cents on Tuesday — when it soared following the display of its token logo on the Elon Musk-led Department of Government Efficiency website.
The website was updated later in the Asian morning hours Wednesday to show another animated image of a dog. It was updated again in the afternoon to show only its name and a dollar sign.
Crypto majors showed mixed movements as bitcoin (BTC), ether (ETH) and BNB Chain’s BNB gained less than 1% in the past 24 hours, while Solana’s SOL and XRP rose up to 7 %. The broad-based CoinDesk 20 (CD20) returned 2.57%.
Hyperliquid’s HYPE token zoomed 13%, returning the most large-cap tokens above $5 billion in capitalization. As such, traders are looking to Donald Trump’s executive orders and tariff decisions for market positioning cues.
“Crypto markets are down as traders take profits and wait to see the potential impact of tariffs in Mexico and Canada, which could affect stock markets when the US stock market opens tomorrow,” said by Jeff Mei, COO at BTSE in a Telegram message.
“However, we expect that in the coming days and weeks, Trump will issue executive orders and roll back anti-crypto policies set by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we are already seeing positive signals,” Mei added.
Traders like FxPro’s Alex Kuptsikevich echoed those thoughts in an email to CoinDesk.
“The market’s rapid recovery indicates continued interest in risk assets. Bitcoin traded near the $105K mark. It was quickly bought on Tuesday when it fell to $101K, but when it reached the $107K level on early Wednesday afternoon, the market moved to sellers. Clearly, optimism is high in the market, but an additional factor is required for new momentum, “said Kuptsikevich.
