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

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

Following the latest price increase, the dog-themed meme coin has taken 49th place among the cryptocurrencies by market cap. However, WIF is still down 26.5% over the last 30 days and 64.8% from its all-time high of $44.85 reached on March 31.

The price surge in WIF also led to an increase in its Relative Strength Index (RSI), which rose from 26 (indicating it was oversold) to 42 (the neutral zone) within the past day.

As a result, the total cryptocurrency market capitalization increased by approximately 1.5% to $2.01 trillion on Wednesday during the early European trading session.

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