Solana

Bitcoin ETF

dogwifhat

Solana’s SOL (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) has become the latest altcoin to hit new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the Dogwifhat (WIF) memecoin.&nbsp;
In the last 24 hours, SOL has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko <a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener nofollow">data</a>. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/4d50955e-6a07-471a-b3f1-de815f191925.png" alt="" title="">
 <figcaption style="text-align: center;">
 The price of SOL has grown by 13.3% in the last 24 hours. Source: CoinGecko
 </figcaption>
</figure>
Preceding the Solana rally was a frenzy of buying activity for the <a href="https://cointelegraph.com/news/trader-gambles-226k-solana-memecoin-1-69m-five-days">Solana-based memecoin Dogwifhat</a> (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication. 
Launched on Dec. 14, 2023, WIF is a <a href="https://cointelegraph.com/tags/memecoin">memecoin</a> that features a picture of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%. 
SOL, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6, 2021. 
Solana wasn’t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB (<a href="https://cointelegraph.com/binance-coin-price-index">BNB</a>) and Dogecoin (<a href="https://cointelegraph.com/doge-price-index">DOGE</a>) notching respective highs of $427 and $0.12 roughly two hours before Solana. 
Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) has been leading the market’s gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11. 
Related: <a href="https://cointelegraph.com/news/solana-price-surge-potential-crypto-bull-cycle">Solana eyes $600 target in upcoming crypto surge</a>
The 10 ETFs <a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-billion-break-records">generated a record-breaking</a> $7.7 billion volume on Feb. 28. 
On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-02/1ef35f65-a172-416f-8b7b-b504b77ad3ba.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF inflows have been growing steadily since inception in January. Source: Farside
 </figcaption>
</figure>
Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month. 
Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28. 
Several market pundits are looking to <a href="https://cointelegraph.com/news/bullish-investment-strategies-before-spot-eth-etf-approval">the upcoming spot Ether ETF</a> as a catalyst for its growth in the coming months, with many predicting that ETH’s price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved. 
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/crypto-city-guide-perth-cointelegraph-magazine/">Perth Crypto City Guide: Wealthy, isolated, and incredible beaches</a>

Solana rockets 13% to new yearly high, led by WIF memecoin frenzy

Cointelegraph

Other articles published on Feb 29, 2024

BONK and PEPE lead 172% memecoin rally, can Shiba Inu’s price catch up?

Google Partnership with a New Altcoin, Price Reacted Positive!

Whale, whose Altcoin Bought ATH, Became a Millionaire! Afterwards, He Received a New Mem Token fo...

Surge in Dogecoin and Memecoins Attracts Investors and Traders

Binance VIP Program Opens Doors to Traditional Asset Traders

Navigating the Crypto Seas: Top Coins to Anchor Your Investment in 2024

Join our free newsletter for daily crypto updates!