Solana-based meme coin Dogwifhat has seen a significant increase, jumping 20% over the last day as Bitcoin made a comeback to $57,000. At the time of writing, Dogwifhat is still up 18%, trading at $1.71 according to CoinGecko. The daily trading volume of the coin is around $935 million, and its market cap has reached $1.69 billion.

Performance Overview

The recent surge has placed Dogwifhat at 49th among cryptocurrencies by market cap. Despite this growth, it remains down 26.5% over the past 30 days and 64.8% from its all-time high of $44.85 on March 31.

The price increase has also influenced its Relative Strength Index (RSI), which has risen from 26 (indicating it was oversold) to 42 (a neutral zone) within the past day.

Bitcoin’s Influence

The increase in Dogwifhat’s price coincides with a 3% rise in Bitcoin’s value, which crossed the $57,000 mark before settling at $56,874. This growth has helped lift the total cryptocurrency market capitalization by approximately 1.5% to $2.01 trillion.

Bitcoin’s recovery has been accompanied by a rise in the fear and greed index to 43%, indicating a neutral market sentiment. Long-term Bitcoin investors have continued to buy despite price fluctuations, as data from Santiment shows that Bitcoin whales have purchased more than 30,000 BTC, worth about $1.62 billion, in the past two days.

Comparison with Ethereum ETFs

In contrast, U.S. spot Bitcoin ETFs have underperformed compared to Ethereum’s ETFs over the past three days. On August 6, U.S. spot Bitcoin ETFs experienced a net outflow of around $148 million, led by Fidelity’s FBTC and Grayscale’s GBTC.

The recent surge in Dogwifhat, driven by Bitcoin’s rebound, showcases the interconnected nature of the cryptocurrency market. Despite its volatile history, Dogwifhat’s current momentum indicates a strong recovery potential alongside major cryptocurrencies.