Solana Climbs 18% to Hit New Yearly High, Led by WIF Memecoin Frenzy

Feb. 29, 2024
Solana Climbs 18% to Hit New Yearly High, Led by WIF Memecoin Frenzy

In the last 24 hours, Solana (SOL) has posted an 18.81% gain, rising rapidly from $108 to reach a new yearly high of $131.10 at the time of publication. The latest surge is attributed to a wave of purchases of the Solana-based memecoin Dogwifhat (WIF).

Solana graph coinmarketcap
Source: CoinMarketCap

The memecoin, featuring an image of a Solana developer’s dog with a knitted hat, has risen by over 53% in value from $0.52 on Feb. 27 to $0.85 at the time of publication. Since its launch on Dec. 14 of the previous year, Dogwifhat has gained more than 50,000%.

Solana’s Market Position

SOL is trading 50% below its peak of $259.62, recorded on Nov. 6, 2021. However, market analysts, including Hansolar, suggest that Solana may be on the verge of a bull run, drawing comparisons with the Ethereum (ETH) price movements in previous bull markets.

Ethereum, for instance, saw its value increase from about $85 to $4,935 after BTC reached new heights. This trend indicates a similar fate could await SOL as BTC is striving to surpass its previous record high of $69,000 set in November 2021.

Solana is not the only cryptocurrency witnessing substantial growth this year. Other major cryptocurrencies, including Dogecoin (DOGE) and Binance Coin (BNB), have also reached their 2024 highs, trading at about $0.132 and $427, respectively, shortly before Solana’s surge.

The market momentum is largely driven by BTC, which has seen substantial institutional interest following the approval of spot Bitcoin exchange-traded funds (ETFs) on Jan. 11. The 10 BTC ETFs generated a record-breaking $7.7 billion volume on Feb. 28. On the same day, BlackRock’s IBIT attracted over $612M in inflows, the largest single-day influx of any ETF to date. Bitcoin is currently changing hands for $62,411, up 20% in the last week and 47% in the last month.

Bitcoin ETF Flow Table
Source: Farside

In addition to the excitement surrounding cryptocurrencies, Coca-Cola HBC has announced its partnership with the Solana blockchain-based firm ALL.ART. The collaboration aims to improve the process of verifying internal certificates. It enables participants to receive and share verifiable digital certificates as non-fungible tokens (NFTs) on the Solana blockchain. This tackles a fundamental weakness of traditional certificates, which are vulnerable to alteration and forgery.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.