The value of Solana’s SOL token surged to achieve a new peak for 2024, coinciding with a surge in interest for the Dogwifhat (WIF) memecoin, which is built on the Solana blockchain. SOL recorded a significant 13.3% increase within the past 24 hours, climbing from $108 to a new yearly high of $124.17. Meanwhile, the price of Dogwifhat (WIF) spiked by 55%, rising from $0.52 to $0.82.
Dogwifhat (WIF) gained prominence since its launch on December 14, 2023, featuring a meme image of a Solana developer’s dog sporting a knitted hat. Despite SOL’s recent surge, it remains 52% lower than its all-time high of $259.62 reached on November 6, 2021.
Solana was not the sole cryptocurrency to mark new highs in 2024. Binance Coin (BNB) and Dogecoin (DOGE) also reached respective peaks of $427 and $0.12. Bitcoin (BTC) continues to lead the market, with institutional investments flowing into newly approved spot Bitcoin exchange-traded funds (ETFs), generating a record-breaking $7.7 billion volume on February 28.
BlackRock’s iShares Bitcoin ETF experienced the largest single-day inflow of any ETF, attracting over $612 million on the same day. Bitcoin is currently trading at $62,413, marking a 21% increase in the past week and a 44% increase in the last month.
Ether (ETH) also reached its highest price of 2024, hitting $3,492 on February 28. Market analysts anticipate the upcoming spot Ether ETF to drive further growth in ETH’s value, drawing comparisons to Bitcoin’s trajectory leading up to ETF approvals.