The surge of a new Solana meme coin, Dogwifhat (WIF), has caught the attention of the crypto community once again, with its price reaching a new all-time high of over $0.42, and peaking at $0.44 on Wednesday afternoon. This surge marks a 51% increase over the last 24 hours and an impressive 257% increase over the past week, according to CoinGecko. WIF, launched quietly in November, has now established itself with a market cap of $423 million, ranking as the 146th largest cryptocurrency by market cap and the fifth largest meme coin overall. The trading volume for WIF over the last day has reached nearly $65 million.
Key Points:
- Dogwifhat (WIF) has surged 51% in the last 24 hours, reaching a new all-time high price.
- WIF is up 257% over the last week, with a market cap of $423 million.
- Solana (SOL) has also seen a 4% increase, hitting $101, potentially riding the WIF wave.
- Solana Labs' plans to release a second smartphone, Chapter 2, in 2025, may have contributed to SOL's recent uptick.
Solana itself has seen a 4% increase, reaching $101. SOL had previously reclaimed $100 earlier in the day, marking the first time since Sunday that it had reached that milestone. However, SOL remains below its recent high of nearly $124 on Christmas Day and is still far from its all-time high price of around $260 from late 2021. The positive movement of SOL coincides with Solana Labs' announcement of plans to release a second smartphone, tentatively named Chapter 2, in 2025. This follow-up phone, priced at $450 for early preorders, aims to offer more modest hardware and features compared to the original Saga smartphone, which was launched at $999.
On the other hand, BONK, Solana's top meme coin that experienced a significant surge in December, has not experienced the same positive momentum as WIF. BONK is currently down 4% over the past day, with a price of $0.00001353, reflecting a 60% decrease from its all-time high price on December 15. Despite the mixed performance of meme coins like BONK, the broader cryptocurrency market has experienced a slight downturn of about 1% over the past day, with both Bitcoin and Ethereum also seeing a decrease in value.
The dynamics of meme coins and the broader cryptocurrency market continue to evolve, with individual coins experiencing varying levels of success and market sentiment. As investors navigate these fluctuations, the performance of meme coins like Dogwifhat (WIF) and established cryptocurrencies like Solana (SOL) will remain topics of interest and speculation within the crypto community.
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