Dogwifhat soars 20% amid Bitcoin’s rebound to $57k

Solana-based meme coin dogwifhat has jumped 20% over the last day as Bitcoin recovered back to $57,000 levels.

At the time of writing, dogwifhat (WIF) was still up 18%, trading at $1.71 per price data from CoinGecko. The crypto asset’s daily trading volume was hovering around $935 million while its market cap had risen to $1.69 billion.

Following the latest price increase, the dog-themed meme coin has taken 49th place among the cryptocurrencies by market cap. However, WIF is still down 26.5% over the last 30 days and 64.8% from its all-time high of $44.85 reached on March 31.

The price surge in WIF also led to an increase in its Relative Strength Index (RSI), which rose 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 (BTC) price over the same period, with the crypto asset crossing the $57,000 mark before settling at $56,874. The latest surge follows 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’s recent price recovery coincided with the fear and greed index going up to 43% signaling a neutral sentiment in the market. Nonetheless, on-chain data indicates that long-term Bitcoin investors have been buying despite the price fluctuations.

Data from Santiment shows that Bitcoin whales have purchased more than 30,000 BTC in the past two days, worth about $1.62 billion. Consequently, the supply of Bitcoin on centralized exchanges has decreased in recent days.

Meanwhile, US spot Bitcoin ETFs have underperformed compared to Ethereum’s ETFs over the past three days. On Tuesday, Aug. 6, U.S. spot Bitcoin ETFs saw a net outflow of around $148 million, primarily led by Fidelity’s FBTC and Grayscale’s GBTC.