Global blockchain supervision and query platform


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

Solana rockets 13% to new yearly high, led by WIF memecoin frenzy WikiBit 2024-02-29 13:25

The price of Solana has rallied over 13% in the last 24 hours amid a drastic uptick in buying of the Solana-based memecoin dogwifhat.

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


The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
Current Rate