[Dogwifhat (WIF) leads meme coins to rise by 19%]
WIF, the native token of Solana Alliance Token Dogwifhat, jumped 19% in the crypto market today, becoming one of the day’s biggest gainers.
As of this writing, WIF is trading at $2.31, up 19% in the past 24 hours, according to CoinMarketCap (CMC). The crypto-asset’s daily trading volume also rose 34% to approximately $432 million. The meme coin, based on an image of a Shiba Inu wearing a pink knit hat, has a market capitalization of more than $2.3 billion, but is still 55% below its all-time high set on March 31.
WIF's recent surge is tied to major asset manager VanEck's first-ever Solana exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC). VanEck’s move may have boosted investor enthusiasm for Solana’s underlying meme coin, anticipating a price increase for such tokens following the approval of the Solana ETF.
Market Spotter, a well-known trading indicator provider, noted on the X platform on July 1 that WIF had broken through the resistance trend line and predicted a price target of $4.5.
WIF’s price jump also occurred within the broader meme coin market, which has gained 4.3% in the past 24 hours, bringing its total market capitalization to $49.2 billion. In addition to WIF, other popular meme coins that saw significant price increases include Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT), which recorded gains of 9%, 8%, and 7% respectively.
The global crypto market also experienced a 3% gain, reaching a total valuation of $2.33 trillion. The pioneer cryptocurrency, Bitcoin, is also gaining, rising 2.7% to trade at $63,034, according to CMC data.
