Dogecoin (DOGE) Dips 7.5% After Token Logo Appears on Elon Musk-Led Website

Initially spiking from $0.34 to $0.38 on Tuesday, DOGE dipped back to $0.36 as profit-taking set in. The website, led by Elon Musk, saw multiple updates Wednesday

Dogecoin (DOGE) fell by 7.5% on Wednesday, reversing some of the gains made earlier this week after its token logo appeared on the Department of Government Efficiency’s website.

DOGE had surged from $0.34 to $0.38 on Tuesday, but the price quickly dropped back to $0.36 as traders took profits. The website, which is being overseen by Elon Musk, saw several updates on Wednesday, with the final version displaying only the department's name and a dollar sign.

Solana's SOL (SOL) gained 8% on Wednesday, joining XRP (XRP) in leading a broader crypto market recovery. The CoinDesk 20 index rose by 2.57%, with large-cap tokens posting gains across the board.

Hyperliquid's HYPE token was the best performer among the major cryptocurrencies, rising by 13% over the past 24 hours.

Market participants are now keeping an eye on former President Donald Trump's executive orders and potential tariff decisions.

BTSE COO Jeff Mei expressed optimism for pro-crypto policy changes, saying, "We're already seeing positive signals, like the appointment of pro-crypto Caroline Pham as CFTC Commissioner."

Bitcoin was trading at around $105,000 after rebounding from $101,000 on Tuesday. FxPro's Alex Kuptsikevich noted the market's resilience but added, "An additional factor is needed for new momentum."

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