Solana became the latest altcoin to reach a new yearly high amid a broader crypto rally fueled by the dogwifhat (WIF) craze.
Solana has surged from $108 in the past 24 hours, recording a 13.3% increase and reaching a yearly high of $124.17, according to CoinGecko data.
Cointelegraph
The Solana rally was preceded by a surge in buying activity for the Solana-based memecoin dogwifhat (WIF), which saw its token price jump 55% from $0.52 on Feb. 27 to $0.82.
Launched on December 14 last year, WIF is a memecoin featuring a Solana developer’s dog wearing a knitted hat. Since its launch, WIF has gained more than 50,000 percent.
However, Solana is down 52% from its all-time high of $259.62 reached on November 6, 2021.
BNB and Dogecoin were the other large-cap coins to reach new highs in 2024, reaching highs of $427 and $0.12 about 2 hours before Solana.
Bitcoin is leading the market gains as institutional inflows into recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen since the approval on Jan. 11.
These ten ETFs generated a record $7.7 billion in volume on February 28.
On the same day, more than $612 million inflows into the BlackRock iShares Bitcoin ETF occurred, making it the largest single-day inflow into any ETF to date.
Cointelegraph
Bitcoin started trading at $62,000, having increased by 21 percent last week and 44 percent last month.
Ethereum also reached a new 2024 high of $3,492 on February 28.
While many market experts are focusing on the Ethereum spot ETF to be a major factor in Ethereum’s growth in the coming months, many are predicting that ETH price action could chart a similar path to Bitcoin on the road to approval of spot ETF products.
