Dogwifhat (WIF), a token inspired by memes and running on the Solana blockchain, has experienced a remarkable surge of 47% within the past 24 hours, reaching a new record high of $0.571.
As of the time of this writing, the price of WIF has risen by 44.41% to $0.543. The recent 24-hour spike in Solana’s Dogwifhat price follows a 6% uptick in the value of Bitcoin.
Bitcoin, the leading cryptocurrency in market capitalization, has climbed back above the $57,000 level for the first time since late 2021. Bitcoin’s value has surged by 32% since the beginning of the year, maintaining a consistent rally that has sparked interest in alternative coins.
SOL, Solana’s native token and the platform hosting WIF, has also seen an uptrend mirroring the overall market rally, increasing by 8% and trading at $111.43 at the time of publication.
The market’s overall upsurge has generated significant attention among traders, particularly evidenced by the rise in meme coin prices.
Based on data from CoinMarketCap, the leading meme tokens by market capitalization surged by 9.1% in the past 24 hours, amounting to a total of $24.45 billion. While Pepe saw a 50% increase in price, Dogwifhat led the surge in meme currencies with a 47% rise.
WIF’s trading volume within 24 hours has soared by 210% to $119.6 million, in correlation with its price spike.
What Lies Ahead?
Remarkably, WIF continued its ascent over the weekend after hitting a low of $0.285 on Feb. 24. The bullish momentum continued for four days, breaking through the $0.531 resistance level established on Jan. 18 and surpassing WIF’s previous all-time high.
Given that WIF has now breached new all-time highs, predicting its future movements may prove challenging. A sustained breakthrough past its current record of $0.571 could propel it towards the $0.6 range.
Alternatively, WIF might seek interim support at the previous barrier of $0.47.