Dogwifhat memecoin momentum sparks Solana’s 13% surge, reaching new annual peak

Solana’s market value has skyrocketed to reach its highest point of the year, surging by 13.7% in the last 24 hours. Its price has jumped from $108 to $123.80 as part of a broader rally in the cryptocurrency market.

This recent surge can be attributed to a wave of buying activity surrounding the dogwifhat (WIF) memecoin, which is built on the Solana blockchain. The memecoin, featuring an image of a developer’s dog wearing a knitted hat, has seen its value increase by over 55% from $0.52 on Feb. 27 to $0.88, according to CoinMarketCap data. Since its launch on Dec. 14 of the previous year, WIF has experienced an exponential growth of over 50,000% in value.

In the midst of this cryptocurrency excitement, Coca-Cola HBC has announced its adoption of blockchain technology in collaboration with the Solana-based platform ALL.ART. The goal of this partnership is to enhance the verification process for internal certificates, allowing for the issuance and exchange of digital certificates as non-fungible tokens (NFTs) on the Solana blockchain. By doing so, this initiative addresses the issue of forgery and tampering that is inherent in traditional certificate systems.

While these achievements highlight Solana’s increasing influence and adoption, the cryptocurrency is still recovering from a 52% drop from its all-time high of $259.62, which was recorded on Nov. 6, 2021. However, market analysts, including Hansolar, suggest that Solana may be on the verge of a bull run, drawing parallels with the price movements of Ethereum (ETH) in previous bull markets.

For example, Ethereum saw its value surge from around $85 to $4,935 after Bitcoin reached new heights. This pattern suggests that a similar fate could await Solana as Bitcoin continues to dominate the market and aims for new records beyond its November 2021 high of $69,000.

Hansolar stated, “Previously, ETH took off when BTC actually broke out into ATHs. It’s then when retail buys into SOL as the high beta catch-up play. Currently, SOL is at around 50% from ATHs similarly to how ETH was around the 50% mark as BTC was nearing ATHs in the previous cycle.”

Solana is not the only cryptocurrency experiencing significant growth this year. Other major cryptocurrencies, such as Binance’s BNB token and Dogecoin, have also reached their highest points in 2024, trading at approximately $427 and $0.132, respectively, shortly before Solana’s surge.

The market momentum is largely driven by Bitcoin, which has attracted substantial institutional interest following the approval of spot Bitcoin exchange-traded funds (ETFs) on Jan. 11. These ETFs have generated an astonishing $7.7 billion in volume on Feb. 28 alone, with BlackRock’s iShares Bitcoin ETF recording an unprecedented $612 million in inflows, marking the largest single-day accumulation for any ETF.

Bitcoin itself has been on an upward trajectory, currently trading at $63,400, reflecting a 22% increase over the past week and a 50% surge over the month. Similarly, Ethereum reached a new high of $3,492 on Feb. 28, with market analysts keeping an eye on the upcoming spot Ethereum ETF as a potential catalyst for further growth.