Solana rockets 13% to new yearly high, led by WIF memecoin frenzy

The price of Solanas SOL surged to reach a new 2024 high, while traders are doubling down on the Solana-based memecoin Dogwifhat.

Solanas SOL (SOL) has become the latest altcoin to hit new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the Dogwifhat (WIF) memecoin.

In the last 24 hours, SOL has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko data.

The price of SOL has grown by 13.3% in the last 24 hours. Source: CoinGecko

Preceding the Solana rally was a frenzy of buying activity for the Solana-based memecoin Dogwifhat (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.

Launched on Dec. 14, 2023, WIF is a memecoin that features a picture of a Solana developers dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%.

SOL, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6, 2021.

Solana wasn‘t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB (BNB) and Dogecoin (DOGE) notching respective highs of $427 and $0.12 roughly two hours before Solana.

Bitcoin (BTC) has been leading the markets gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11.

Related: Solana eyes $600 target in upcoming crypto surge

The 10 ETFs generated a record-breaking $7.7 billion volume on Feb. 28.

On the same day, BlackRocks iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.

Bitcoin ETF inflows have been growing steadily since inception in January. Source: Farside

Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month.

Ether (ETH) has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28.

Several market pundits are looking to the upcoming spot Ether ETF as a catalyst for its growth in the coming months, with many predicting that ETHs price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved.

redible beaches