In a surprising move, Dogwifat (WIF), a meme coin on the Solana blockchain, rose more than 5% despite the general downturn in the cryptocurrency market as a whole. This surprising recovery comes as a breath of fresh air when the market witnessed a period of stagnation.

The cryptocurrency market is currently in a lull, with many major assets showing little to no movement. Bitcoin and Ethereum, the market leaders, have kept their prices stable, setting the stage for other cryptocurrencies. Market performance remains mixed, with a handful of cryptocurrencies reporting losses over the 24-hour timeframe.

However, amid the lackluster performance of this market, Dogwifatat has attracted attention with a notable price increase.
WIF has been rising steadily since hitting a low of $2.20 during Friday's market crash, which sent Bitcoin down to its lowest price in nearly a month, leading to a series of long position liquidations. electronic.

At the time of writing, Dogwihat is extending its recovery, up 5.16% over the past 24 hours to $2.53, after hitting an intraday high of $2.55. If today closes in the green, WIF could mark a second straight day of gains. The Solana meme coin is currently ranked as the 41st largest cryptocurrency with a market valuation of $2.52 billion.

Meme coins often fluctuate based on news and hype cycles; Dogwifhat's surprising recovery may be aided by a recent viral statement by Galaxy Digital CEO Mike Novogratz on X that indirectly referenced Dogwifhat.

In a tweet, Novogratz asked: "Does anyone know where I can buy one of the dog's hats? Perfect gift for someone I know." User X replied "dogwifahatstore" and Novogratz replied "Gracias".

As Dogwiphat continues to rise, it could encounter resistance around higher price levels, primarily at the daily SMA 50 at $2.94, especially if overall market sentiment remains unchanged.