Solana-based Meme coin Dogwifhat Surges 204% as SOL Fails to Reclaim $100

Solana-based Meme coin Dogwifhat Surges 204% as SOL Fails to Reclaim $100

WIF Records Massive Price Growth

BONK is no longer the hottest Meme coin on Solana after Dogwifhat (WIF) surged 204% this week. On Wednesday morning, WIF broke above the previous high ($0.44) to record a new peak price. However, the meme coin has dropped to $0.41 as of the time of writing, according to CoinGecko’s data.

Dogwifhat was launched quietly last November before its first significant price surge in December. At the time, the token grew 225,000% to $0.32. Just last week, WIF dropped to $0.07 before it began a second rally this week.

With over 950 million tokens already in circulation, WIF has a market cap of $397 million, making it the 152nd-biggest crypto asset by market valuation. It is now the fifth-biggest meme coin. Over the past 24 hours, the dog-themed token has recorded a trading volume worth $85 million.

Solana, on the other hand, has failed to reclaim $100. The fifth-largest token by market cap briefly hit $101 on Wednesday evening before the bears dragged it to $98 at press time. A few weeks ago, SOL touched an 18-month high of $126.08. Still, that price wasn’t anywhere near the token’s all-time high of $259 set in November 2021.

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SOL and BONK Fail to Surge

Notably, SOL hasn’t posted significant gains in reaction to Salana Labs’ announcement that it will release another Smartphone next year. By comparison, the upcoming phone is set to start retailing at $450, while Solana Saga, which sold out in December, retailed at $999 in the first month of its launch.

Like SOL, BONK has not benefited from WIF’s latest rally. Data from CoinGecko shows the meme coin trading at $0.0000135 after dropping 4.3% in the past 24 hours. The current price means BONK is down 65% from its peak price recorded on December 15th.

Bitcoin and Ethereum Price Analysis

Broadly, the total market capitalization of digital currencies has dropped 1% to $1.75 trillion today. Bitcoin is only up 0.2% to $42,640, while Ethereum has seen minimal losses of 0.8% and now trades at $2,523.

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Archie Lovell
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Archie Lovell

Archie Lovell, a premier voice in crypto journalism, skillfully demystifies the intricate world of digital currencies. With a keen analytical eye and compelling narratives, Archie's writings delve deep, offering clarity amidst the complexities of blockchain. His expertise and style make him a trusted guide in the crypto space.

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