WIF Memecoin Frenzy Drives Solana to 13% Surge, Marking New Annual Peak

Solana’s SOL token has surged to new yearly highs, following the broader crypto market rally. This spike in activity on the Solana blockchain can be attributed to the frenzy surrounding the purchase of the Dogwifhat (WIF) memecoin. In the past 24 hours alone, SOL has recorded a remarkable 13.3% gain, skyrocketing from $108 to its new yearly high of $124.17, as reported by CoinGecko. The price of SOL has seen a growth of 13.3% within the last day. Preceding the surge in Solana’s value, there was a buying frenzy for the memecoin Dogwifhat, which is based on the Solana platform. The price of WIF has risen by 55% from $0.52 on February 27 to $0.82 at the time of writing. Launched on December 14, 2023, WIF is a memecoin that features a picture of a dog wearing a knitted hat, belonging to a Solana developer. Since its inception, WIF has seen a staggering growth of over 50,000%. However, SOL is still down 52% from its all-time high of $259.62, which was reached on November 6, 2021. Solana is not the only large-cap cryptocurrency to achieve new highs in 2024. Binance’s BNB and Dogecoin (DOGE) both reached highs of $427 and $0.12 respectively, just a couple of hours before Solana. The market has been led by Bitcoin, which has experienced significant gains due to institutional inflows following the approval of spot Bitcoin exchange-traded funds (ETFs) on January 11. The 10 ETFs generated a record-breaking volume of $7.7 billion 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 is currently trading at $62,413, reflecting a 21% increase in the past week and a 44% increase in the last month. Ether (ETH) has also reached its highest price in 2024, reaching a local high of $3,492 on February 28. Many market experts are anticipating the upcoming spot Ether ETF to act as a catalyst for further growth in the coming months. They predict that ETH’s price could follow a similar trajectory to Bitcoin as it awaits the approval of its spot ETF products.