Crypto Market Rebounds with Solana and XRP Leading; Dogecoin Pulls Back After Brief Surge

The crypto market saw mixed price movements on Wednesday, with Bitcoin (BTC), Ether (ETH), and BNB Chain’s BNB each gaining under 1% over the last 24 hours. In contrast, Solana’s SOL and XRP surged by as much as 7%, driving a broader market rebound.

Dogecoin (DOGE), after a brief surge, retraced 7.5% of its value, settling at 36 cents during European noon hours. The meme coin had previously jumped from 34 cents to 38 cents on Tuesday, following the display of the DOGE token logo on the Elon Musk-led Department of Government Efficiency website. The site was later updated with an animated dog image, which was then changed again in the afternoon to display only the token’s name and a dollar sign.

Despite Dogecoin’s pullback, Solana’s SOL surged 8%, continuing its strong upward momentum as it helped the overall crypto market recover some of the losses seen earlier in the week. The CoinDesk 20 (CD20) index, which tracks major cryptocurrencies, posted a 2.57% return.

Among larger tokens, Hyperliquid’s HYPE token saw a 13% increase, outperforming other major cryptocurrencies with a market cap over $5 billion. This surge has led traders to closely watch Donald Trump’s executive orders and potential tariff decisions for signs of market direction.

“Crypto markets have cooled as traders take profits while awaiting updates on potential tariffs on Mexico and Canada—decisions that could have an impact on the stock market when it opens tomorrow,” said Jeff Mei, COO of BTSE, in a statement to CoinDesk. “Nevertheless, we remain hopeful that Trump will issue executive orders rolling back the anti-crypto stance taken by the previous administration, with the appointment of Caroline Pham to the CFTC as a positive signal.”

Alex Kuptsikevich, an analyst at FxPro, shared his thoughts in an email to CoinDesk: “The market’s quick rebound suggests continued interest in risk assets. Bitcoin saw buying pressure near $101K after briefly dipping, but once it reached $107K on Wednesday afternoon, the market shifted toward sellers. The sentiment is positive, but the market will need an additional catalyst to build momentum.”