---
title: "Solana rockets 13% to new yearly high, led by WIF memecoin frenzy"
url: https://diffcoin.com/solana-rockets-13-to-new-yearly-high-led-by-wif-memecoin-frenzy/
description: "Solana (SOL) has become the latest altcoin to mint new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to…"
published: 2024-02-29
updated: 2024-02-29
author: "Mila"
site: "Diffcoin"
---

# Solana rockets 13% to new yearly high, led by WIF memecoin frenzy

Solana (SOL) has become the latest altcoin to mint new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the dogwifhat (WIF) memecoin.

In the last 24 hours, Solana has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko data.

*The price of Solana has grown 13.3% in the last 24 hours. Source: CoinGecko*

Preceding the Solana rally was a frenzy of buying activity for the Solana-based memecoin dogwifhat (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.

Launched on Dec. 14 last year, WIF is a memecoin that features a picture of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%.

Solana, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6 in 2021.

Solana wasn’t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB token (BNB) and Dogecoin (DOGE) token notching respective highs of $427 and $0.12 roughly 2 hours before Solana.

Bitcoin (BTC) has been leading the market’s gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11.

***Related:*** ***Solana eyes $600 target in upcoming crypto surge***

The ten ETFs generated a record-breaking $7.7 billion volume on Feb. 28.

On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.

*Bitcoin ETF inflows have been growing steadily since inception fin January. Source: Farside*

Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month.

Ethereum has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28.

Several market pundits are looking to the upcoming Ethereum spot ETF as a catalyst for its growth in the coming months, with many predicting that ETH’s price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved.

***Perth Crypto City Guide: Wealthy, isolated, and incredible beaches***

[Source link](https://cointelegraph.com/news/solana-rockets-new-yearly-high-wif-price-memecoin-frenzy)