Home » Latest News » Solana Skyrockets 13% to New High, Driven by Dogwifhat Memecoin Frenzy Amid Crypto Rallies

Solana Skyrockets 13% to New High, Driven by Dogwifhat Memecoin Frenzy Amid Crypto Rallies

Solana’s SOL surged 13% to hit a new yearly high amidst a broader crypto rally. This surge was fueled by a frenzy surrounding the Solana-based memecoin, Dogwifhat (WIF).

In the past 24 hours, SOL experienced a notable 13.3% gain, soaring from $108 to establish a fresh yearly peak of $124.17, according to CoinGecko data.

Solana SOL price surge graph featuring Dogwifhat memecoin.
Source: Coinbackyard

Before Solana’s upswing, investors witnessed a surge in buying activity for the Dogwifhat (WIF) meme coin. It’s built on the Solana blockchain.WIF’s price surged by 55%, climbing from $0.52 on February 27 to $0.82 at the time of reporting.

Launched on December 14, 2023, WIF gained prominence for its whimsical concept featuring a picture of a Solana developer’s dog adorned with a knitted hat. Since its inception, WIF has witnessed an impressive appreciation of over 50,000%.

Despite SOL’s recent rally, it remains 52% below its all-time high of $259.62, reached on November 6, 2021.

Solana wasn’t the sole large-cap cryptocurrency to reach new highs in 2024. Binance’s BNB and Dogecoin also hit respective highs of $427 and $0.12, approximately two hours before Solana’s surge.

Bitcoin continued to lead the market’s gains, with institutional inflows into recently approved spot Bitcoin exchange-traded funds (ETFs) strengthening since their approval on January 11. The 10 ETFs collectively amassed a record-breaking $7.7 billion volume on February 28.

On the same day, BlackRock’s iShares Bitcoin ETF attracted over $612 million in inflows, marking the largest single-day inflow for any ETF to date.

Bitcoin traded at $62,413, marking a 21% increase over the past week and a 44% surge over the last month. Meanwhile, Ether (ETH) reached its highest price of 2024, peaking at $3,492 on February 28.

Market experts are eyeing the upcoming spot Ether ETF as a potential catalyst for further growth in the months ahead. They draw comparisons to Bitcoin’s trajectory leading up to the approval of its spot ETF products.

February 29, 2024 at 3:18 pm

Updated February 29, 2024 at 3:18 pm

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