March 27, 2024
Solana Skyrockets, New Yearly High Amid WIF Frenzy
Latest Cryptocurrency News

Solana Skyrockets: New Yearly High Amid WIF Frenzy

Solana’s SOL has surged 13.3% in the last 24 hours, hitting a new yearly high of $124.17 amid the broader crypto rally. The blockchain activity witnessed a spike due to the rush to acquire the Dogwifhat (WIF) memecoin. The Solana-based WIF experienced a buying frenzy, surging 55% from $0.52 on Feb. 27 to $0.82.

Introduced on Dec. 14, 2023, WIF is a memecoin featuring a picture of a Solana developer’s dog wearing a knitted hat, achieving over 50,000% growth since inception. Despite the recent rally, SOL remains 52% below its all-time high of $259.62 reached on Nov. 6, 2021. Other major cryptocurrencies also reached new highs in 2024, with Binance’s BNB reaching $427 and Dogecoin hitting $0.12, two hours before Solana’s peak.

Bitcoin (BTC) continues to lead the market gains, boosted by institutional inflows into recently approved spot Bitcoin exchange-traded funds (ETFs) since their approval on Jan. 11. The 10 ETFs achieved a record-breaking $7.7 billion volume on Feb. 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 priced at $62,413, reflecting a 21% increase in the last week and a 44% rise in the last month. Ether (ETH) has also reached its highest price of 2024, touching $3,492 on Feb. 28. Market analysts anticipate the upcoming spot Ether ETF to act as a catalyst for further growth, with expectations that ETH’s price action could follow a similar trajectory to Bitcoin leading up to the approval of its spot ETF products. Solana’s recent surge indicates renewed investor interest, yet it remains below its historical peak.

The broader crypto market is experiencing positive momentum, with major altcoins and tokens posting notable gains. Institutional involvement in Bitcoin through ETFs continues to be a significant driver of the overall market trend. As both Bitcoin and Ether mark new highs, market participants closely monitor developments in the ETF space, anticipating potential impacts on crypto prices in the coming months.

Image by upklyak on Freepik

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