Key Points
- Solana-based meme coin dogwifhat (WIF) has seen a 20% surge as Bitcoin returns to $57,000 levels.
- The total cryptocurrency market capitalization has increased by approximately 1.5% to $2.01 trillion.
The Solana-based meme coin, dogwifhat (WIF), has experienced a 20% surge as Bitcoin bounces back to $57,000 levels.
At the time of writing, WIF was up 18%, with a trading price of $1.71 according to data from CoinGecko. The daily trading volume of this crypto asset was around $935 million, and its market cap had escalated to $1.69 billion.
WIF’s Market Position
With the recent price increase, the dog-themed meme coin now ranks 49th among cryptocurrencies in terms of market cap. However, WIF is still 26.5% down over the last 30 days and 64.8% down from its highest ever price of $44.85, which it hit on March 31.
The price surge in WIF also led to a rise in its Relative Strength Index (RSI), which increased from 26 (indicating it was oversold) to 42 (the neutral zone) within a day. This surge in WIF came after a 3% increase in Bitcoin’s price during the same period, as the crypto asset crossed the $57,000 mark before settling at $56,874.
Market Capitalization and Bitcoin’s Recovery
Consequently, the total cryptocurrency market capitalization grew 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 rising to 43%, indicating a neutral sentiment in the market. However, on-chain data shows that long-term Bitcoin investors have continued to buy despite the price fluctuations.
Data from Santiment reveals that Bitcoin whales have bought more than 30,000 BTC in the past two days, worth about $1.62 billion. As a result, the supply of Bitcoin on centralized exchanges has decreased recently.
In contrast, US spot Bitcoin ETFs have not performed as well as 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.
