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

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

At the time of writing, dogwifhat (WIF) was still up 18% and trading at $1.71, according to 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.

WIF 24-hour price chat – August 7 | Source: crypto.news

Following its recent price surge, the dog-themed meme coin has moved into the 49th position among cryptocurrencies by market cap. However, WIF is still down 26.5% in the last 30 days and 64.8% from its all-time high of $44.85 reached on March 31.

The price rally in WIF also led to the Relative Strength Index (RSI) rising from 26 (indicating oversold) to 42 (neutral territory) in the last day.

This increase in WIF comes after a 3% increase in the price of Bitcoin (BTC) during the same period, with the crypto asset breaching the $57,000 mark before settling at $56,874. The latest increase comes after the digital asset opened the week with a decline.

BTC 24-hour price chat – August 7 | Source: crypto.news

As a result, total cryptocurrency market capitalization rose by nearly 1.5% to $2.01 trillion in the early European trading session on Wednesday.

Bitcoin’s recent price recovery coincided with the fear and greed index rising to 43%, indicating a neutral sentiment in the market. However, on-chain data suggests that long-term Bitcoin investors are buying despite the price fluctuations.

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

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