Floki, Dogwifhat Shake Off Broader Market Pullback, Outperform Dogecoin, Shiba Inu In 24-Hour Gains

Floki and dogwifhat defied the broader market dip to fare among the cryptocurrency market's biggest gainers Tuesday.

What Happened: Solana SOL/USD-based WIF emerged as the best-performing $1 billion capitalization memecoin in the last 24 hours. The trading volumes surged nearly 49% to $419 million.

The dog-themed cryptocurrency snapped last week's downtrend to recover 15% this week.

Ethereum ETH/USD-based FLOKI also recorded healthy gains upwards of 5%, with trading volume more than doubling to $282 million in the last 24 hours. The coin, named after Tesla CEO Elon Musk's Shiba Inu dog, was up 10% since the week began.

See Also: Bitcoin Looking Bearish While Equities Are At All-Time Highs: What Gives?

Why It Matters: FLOKI's surge came amid the project's tie-up with the English Premier League, under which the token and the metaverse game, Valhalla, will be advertised across the franchise soccer league platforms.

The broader cryptocurrency market retraced Tuesday as bankrupt cryptocurrency exchange Mt. Gox's transfer of $780 million in Bitcoin triggered anxiety among investors. 

The overall cryptocurrency market capitalization declined 1.73% to $2.1 trillion in the last 24 hours, with Bitcoin BTC/USD and Ethereum ETH/USD experiencing significant falls.

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