The Solana meme coin called Dogwifhat is on the rise again, hitting a new record high price. This surge could potentially contribute to the overall increase of SOL, and interestingly, it’s not BONK leading the way this time.
Dogwifhat (WIF) is the latest Solana meme coin making significant gains, with a remarkable 51% surge in the last 24 hours. Its current price stands at just over $0.42.
Dogwifhat (WIF) Surges and Impacts Solana (SOL) Prices
Dogwifhat (WIF), the Solana meme coin, experienced a significant surge, reaching a new peak price of $0.44 on Wednesday afternoon. Over the past week, WIF has seen an impressive 257% increase, according to Coinstats.
WIF Price Chart | Source: Coinstats
WIF made its quiet debut in November but saw its first major price swing in December, witnessing a staggering 227,000% jump to $0.14. Last month, it climbed even higher to $0.32 before experiencing a dip, briefly falling below $0.08 just last week.
With a current market cap of $423 million, WIF now stands as the 146th largest cryptocurrency by market cap and the fifth-largest meme coin overall. The trading volume in the last day alone reached nearly $65 million.
The positive momentum in the WIF market appears to be influencing Solana (SOL), which rose 4% to reach $101. SOL crossed the $100 mark earlier on Wednesday for the first time since Sunday. However, SOL is still below its recent high of nearly $124 on Christmas Day and significantly lower than its all-time high of about $260 in late 2021.
Solana’s upward movement coincides with the announcement of Solana Labs’ plans to release a second smartphone, tentatively called “Chapter 2.” Set to launch in 2025, this follow-up phone is expected to come with more modest hardware and a lower early pre-order price of $450, compared to the Saga’s $999 launch price.
Mixed Fortunes for Solana Meme Coins: WIF Soars, BONK Struggles
In contrast to WIF’s impressive surge, BONK, Solana’s leading meme coin that reached new highs in December and contributed to the Saga smartphone sellout, is not experiencing similar benefits from WIF’s spike.
According to Coinstats, BONK has declined by 4% in the past day, with its current price at $0.00001353. This puts it 60% below its all-time high price recorded on December 15.
BONK Price Chart | Source: Coinstats
Looking at the broader cryptocurrency market, there’s a general downturn of about 1% over the past day. Both Bitcoin and Ethereum are down by approximately 2%, with BTC hovering just above $42,600, and Ethereum at $2,535. The contrasting performances of WIF and BONK highlight the varied dynamics within the Solana meme coin space amid broader market trends.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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