The Solana-based meme coin Dogwifhat has jumped 20% in the past day as Bitcoin recovered to $57,000. Currently, Dogwifhat is still up by 18%, trading at $1.71, according to CoinGecko. Its daily trading volume is around $935 million, and its market cap has risen to $1.69 billion.
After the recent price increase, the dog-themed meme coin Dogwifhat has moved up to 49th place among cryptocurrencies by market cap. Despite this, it is still down 26.5% over the past 30 days and 64.8% from its all-time high of $44.85, reached on March 31.
Dogwifhat Price Surge Amid Bitcoin’s Rebound
The price surge in Dogwifhat (WIF) led to an increase in its Relative Strength Index (RSI), rising from 26 (indicating it was oversold) to 42 (the neutral zone) within the past day.
This surge in WIF follows a 3% increase in Bitcoin’s price over the same period, with Bitcoin crossing the $57,000 mark before settling at $56,874. The latest surge occurred after the digital asset opened the week on a bearish note.
As a result, the total cryptocurrency market capitalization increased by approximately 1.5% to $2.01 trillion on Wednesday during the early European trading session.
Bitcoin Price Recovery and Market Sentiment
Bitcoin’s recent price recovery coincided with the fear and greed index rising to 43%, indicating a neutral sentiment in the market. Despite the price fluctuations, on-chain data reveals that long-term Bitcoin investors have been actively buying.
Data from Santiment shows that Bitcoin whales have purchased over 30,000 BTC in the past two days, worth about $1.62 billion. This has led to a decrease in the supply of Bitcoin on centralized exchanges in recent days.
Source: X
Meanwhile, U.S. spot Bitcoin ETFs have underperformed compared to Ethereum’s ETFs over the past three days. On Tuesday, August 6, U.S. spot Bitcoin ETFs saw a net outflow of around $148 million, primarily driven by Fidelity’s FBTC and Grayscale’s GBTC.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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