Solana rockets 13% to new yearly high, led by WIF memecoin upset.
Solana (SOL) has become the latest altcoin to hit a new year-to-date high amid a broader crypto rally, fueled by a scramble to buy dogwifhat (WIF) memecoin, its move on the blockchain.
In the past 24 hours, Solana has posted a 13.3% gain, rising from $108 to a new annual high of $124.17 at press time, according to CoinGecko.
Ahead of Solana's rally, buying activity for Solana-based memecoin dogwifhat (WIF) has been insane, with its price up 55% from $0.52 on February 27, to $0.82 at press time.
Launched on December 14th of last year, WIF is a memecoin featuring an image of a Solana developer dog wearing a knitted hat. Since its inception, WIF has gained over 50,000%.
Solana, however, is down 52 percent from its all-time high of $259.62 reached on Nov. 6, 2021.
Solana wasn't the only large-cap cryptocurrency to hit new highs for 2024, with both Binance's BNB token (BNB) and Dogecoin (DOGE) hitting their respective highs of $427 and $0.12 2 hours before Solana.
Bitcoin (BTC) has been leading the market's gains following their approval on January 11th.
Related: Solana sees $600 target on upcoming crypto rally
The ten ETFs hit a record $7.7 billion on February 28.
On the same day, BlackRock's iShares Bitcoin ETF attracted more than $612 million in inflows, the largest one-day inflow ever recorded.
Bitcoin is currently changing hands at $62,413, up 21% over the past week and up 44% over the past month.
Ethereum hit the highest price of 2024, reaching a local high of $3,492 on February 28.
A number of market analysts are looking to the upcoming Ethereum spot ETF as a catalyst for growth in the coming months, with many predicting that ETH's price action could follow a similar path to Bitcoin's on the way to adoption of spot ETF products.
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