A Solana Meme Coin Surges, Boosting SOL
Dogwifhat (WIF), the latest Solana meme coin, has experienced significant gains, reaching a new all-time high price. Over the last 24 hours, WIF surged by 51%, currently valued at just over $0.42, with a peak of $0.44 earlier on Wednesday. In the past week alone, WIF has seen a 257% increase in value. Despite launching quietly in November, it garnered attention in December with a 227,000% price jump to $0.14. Its market cap now stands at $423 million, making it the fifth-largest meme coin and the 146th largest cryptocurrency overall.
Solana Rides the WIF Wave
Solana itself has also experienced an upward movement as a result of WIF’s surge. It has risen by 4% to reach $101 and reclaimed the $100 mark for the first time since Sunday. However, SOL remains below its recent high of nearly $124 on Christmas Day and its all-time high price of about $260 from late 2021.
Solana Labs’ Plans for a New Smartphone
Solana Labs has announced plans to release a second smartphone, known as “Chapter 2,” following the success of the Solana Saga. The follow-up phone is expected to have more modest hardware and power compared to its predecessor and will be priced at $450 for early preorders. This news coincides with SOL’s positive movement.
BONK’s Decline Amidst WIF’s Surge
While WIF experiences a spike in value, BONK, another popular meme coin on Solana, is not benefiting from this trend. BONK has seen a 4% decrease in the past day, currently valued at $0.00001353, which is 60% below its all-time high price from December 15.
Crypto Market Overview
The broader cryptocurrency market is down approximately 1% in the past day. Bitcoin and Ethereum have both declined by around 2%, with BTC at just above $42,600 and Ethereum at $2,535.
Hot Take: Dogwifhat Drives Solana’s Momentum
Dogwifhat’s surge has not only propelled itself to new heights but has also positively impacted Solana’s performance. As meme coins continue to gain popularity within the crypto market, their influence on larger cryptocurrencies like SOL cannot be overlooked. The success of WIF demonstrates the potential for meme coins to drive significant price movements and attract substantial trading volume. While the overall market may experience fluctuations, individual meme coins like WIF can create their own momentum and contribute to the wider ecosystem.
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