Solana’s SOL has joined the recent crypto rally by reaching new yearly highs, driven by the demand for the memecoin Dogwifhat (WIF). In the past 24 hours, SOL has surged by 13.3%, soaring from $108 to a new yearly high of $124.17, according to CoinGecko data. Preceding the rally, there was a buying frenzy for the Solana-based memecoin, WIF, which has seen its price surge by 55% from $0.52 on Feb. 27 to $0.82. WIF, launched on Dec. 14, 2023, is a memecoin featuring a picture of a Solana developer’s dog wearing a knitted hat and has gained over 50,000% since its inception. Despite the recent surge, SOL is still down 52% from its all-time high of $259.62 reached on Nov. 6, 2021.
Solana is not the only large-cap cryptocurrency to reach new highs in 2024. Both Binance’s BNB and Dogecoin (DOGE) also achieved respective highs of $427 and $0.12, approximately two hours before Solana. Bitcoin has been leading the market gains due to institutional inflows into recently approved spot Bitcoin exchange-traded funds (ETFs) following their approval on Jan. 11. The 10 ETFs generated a record-breaking volume of $7.7 billion 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 trading at $62,413, with a 21% increase in the past week and a 44% increase in the past month. Ether (ETH) has also reached its highest price of 2024, hitting a local high of $3,492 on Feb. 28. Market experts anticipate the upcoming spot Ether ETF to act as a catalyst for its growth in the coming months, with many predicting that ETH’s price movement could follow a similar path to Bitcoin leading up to the approval of its spot ETF products.
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