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According to Decrypt, Dogwifhat (WIF), a Solana-based meme coin, has experienced a significant surge in value, increasing by 51% over the last 24 hours to a current price of just over $0.42. The coin reached an even higher price of $0.44 earlier on Wednesday, setting a new all-time high. Over the past week, WIF has risen by 257% according to CoinGecko. The meme coin now has a market cap of $423 million, making it the 146th largest cryptocurrency by market cap and the fifth-largest meme coin overall. Trading volume over the last day is nearly $65 million.

Solana (SOL) itself may be benefiting from WIF's surge, as its price has risen by 4% to hit $101. SOL reclaimed the $100 mark earlier on Wednesday for the first time since Sunday, although it remains down from its recent high of nearly $124 on Christmas Day and well short of its all-time high price of about $260 from late 2021. This upward movement comes one day after Solana Labs announced plans to release a second smartphone following the Solana Saga, tentatively called 'Chapter 2,' set to release in 2025.

Meanwhile, BONK, Solana's top meme coin that skyrocketed to new highs in December, is not benefiting from WIF's spike. According to CoinGecko, BONK is down 4% over the past day to a current price of $0.00001353, putting it 60% off its all-time high price from December 15. Overall, the cryptocurrency market is down about 1% over the past day, with Bitcoin and Ethereum both down about 2% during the same period.