Dogecoin (DOGE) Retraced Tuesday's Gains While Solana's SOL Jumped 8% as Crypto Markets Rebounded on Wednesday

DOGE fell 7.5% amid profit taking, data shows, to trade at 36 cents in European noon hours, paring gains after a jump from 34 cents to 38 cents on Tuesday

Dogecoin (DOGE) price dropped 7.5% on Wednesday as traders booked profits after a two-day rally, while Solana’s SOL token rose 8% higher as crypto markets rebounded from earlier losses.

Dogecoin dropped to 36 cents by European noon hours, according to price data, after rising from 34 cents to 38 cents on Tuesday. The token had rallied after its logo was briefly displayed on the Elon Musk-led Department of Government Efficiency website.

The website was later updated with a different animated dog image during Asian morning hours on Wednesday, before being changed again in the afternoon to show only its name and a dollar sign.

Major crypto prices showed mixed moves, with bitcoin (BTC), ether (ETH) and BNB Chain’s BNB rising less than 1% over the past 24 hours, while Solana’s SOL and XRP rose by as much as 7%. The CoinDesk 20 (CD20) index rose 2.57%.

Hyperliquid’s HYPE token rose 13%, marking the biggest gain among large-cap tokens with a market capitalization above $5 billion. Meanwhile, traders eyed Donald Trump’s executive orders and tariff decisions for cues on market positioning.

“Crypto markets have dipped as traders take profit and wait to see the potential impact of tariffs on Mexico and Canada, which could impact stock markets when the US stock market opens,” Jeff Mei, COO at BTSE, said in a Telegram message.

“However, we are optimistic that in the coming days and weeks, Trump will issue executive orders and roll back anti-crypto policies set by the Biden administration. With the recent appointment of pro-crypto Caroline Pham as CFTC Commissioner, we’re already seeing positive signals,” Mei added.

Traders including FxPro’s Alex Kuptsikevich echoed the sentiment in an email to CoinDesk.

“The market’s rapid recovery is indicative of continued interest in risk assets. Bitcoin traded near the $105K mark. It was quickly bought back on Tuesday when it fell to $101K, but when it reached the $107K level early Wednesday afternoon, the market shifted to sellers. Clearly, optimism is high in the market, but an additional factor is needed for new momentum,” Kuptsikevich said.