Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum

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Solana’s (SOL) market worth has surged to new yearly highs, gaining 13.7% within the final 24 hours, as its value rose from $108 to $123.80 amidst a wider cryptocurrency market rally.

The most recent surge is attributed to a wave of purchases of the dogwifhat (WIF) memecoin, a digital asset based mostly on the Solana blockchain.

The memecoin, that includes a picture of a developer’s canine with a knitted hat, has risen by over 55% in worth from $0.52 on Feb. 27 to $0.88 as per data by CoinMarketCap. Since its launch on Dec. 14 of the earlier yr, WIF has seen an exponential increase of over 50,000% in its worth.

Amidst this cryptocurrency fervor, Coca-Cola HBC has announced its adoption of blockchain expertise in collaboration with the Solana-based platform ALL.ART. The partnership goals to reinforce the method of verifying inside certificates, permitting for the issuance and trade of digital certificates as non-fungible tokens (NFTs) on the Solana blockchain. This initiative addresses the problem of forgery and alteration inherent in conventional certificates techniques.

Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum - 1
SOL 24-hour value chart | Supply: CoinMarketCap

Whereas these achievements underscore Solana’s rising affect and adoption, the cryptocurrency continues to be navigating its approach again from a 52% lower from its all-time excessive of $259.62, recorded on Nov. 6, 2021. Nonetheless, market analysts, together with Hansolar, counsel that Solana could also be getting ready to a bull run, drawing parallels with the Ethereum (ETH) value actions in previous bull markets. 

Ethereum, for example, noticed its worth escalate from roughly $85 to $4,935 after Bitcoin reached new heights. This sample suggests an identical destiny might await Solana as Bitcoin continues to dominate the market, aiming for brand new data past its November 2021 excessive of $69,000.

“Beforehand, ETH took off when BTC truly broke out into ATHs. It’s then when retail buys into SOL because the excessive beta catch up play,” Hansolar acknowledged, including:

“At present SOL is at round 50% from ATHs equally to how ETH was across the 50% mark as BTC was nearing ATHs within the earlier cycle.”

Solana is just not alone in experiencing important development this yr. Different main cryptocurrencies, together with Binance’s BNB token and Dogecoin, have additionally reached their 2024 highs, buying and selling at roughly $427 and $0.132, respectively, shortly earlier than Solana’s surge.

The market momentum is basically pushed by Bitcoin, which has seen substantial institutional curiosity following the approval of spot Bitcoin exchange-traded funds (ETFs) on Jan. 11. These ETFs have since generated a staggering $7.7 billion in quantity on Feb. 28 alone, with BlackRock’s iShares Bitcoin ETF attracting an unprecedented $612 million in inflows, marking the biggest single-day accumulation for any ETF.

Bitcoin itself has been on an upward trajectory, now buying and selling at $63,400, reflecting a 22% enhance over the previous week and a 50% uplift over the month. Equally, Ethereum reached a brand new 2024 excessive of $3,492 on Feb. 28, with market analysts eyeing the upcoming spot Ethereum ETF as a possible catalyst for additional development.

Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum - 2
BTC 24-hour value chart | Supply: CoinMarketCap

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