Solana hits a new yearly high for 2024, driven by the frenzy surrounding the Solana-based memecoin Dogwifhat (WIF). Over the past 24 hours, SOL has surged by 15%, quickly jumping from $108 to a new yearly peak of $131.
The Frenzy Around Dogwifhat
The memecoin Dogwifhat (WIF), based on Solana, has seen its price climb by 55%, rising from $0.52 on February 27 to $0.82 at the time of publication. Launched on December 14, 2023, WIF has experienced an increase of over 50,000% since its inception. It features a photo of a Solana developer’s dog wearing a knitted hat.
Cryptocurrency Market Context
Solana is not the only cryptocurrency to have reached new highs in 2024. BNB and Dogecoin have also hit respective peaks of $427 and $0.13 shortly before Solana. The cryptocurrency market is currently dominated by Bitcoin, with institutional inflows into recently approved Spot ETFs continuing to strengthen since their approval on January 11.
Record Volume for Bitcoin Spot ETFs
On February 28, the 10 Bitcoin ETFs generated a record volume of $7.7 billion. On the same day, BlackRock’s iShares Bitcoin ETF attracted over $612 million in inflows, the largest daily inflow for an ETF to date. Bitcoin is currently trading at $63,000, up 22% for the week and nearly 50% for the month. Ethereum has also reached its highest price of 2024, hitting a local peak of $3,500.
