In the last day, Dogwifhat (WIF), a cryptocurrency inspired by memes and built on the Solana blockchain, has surged by 47%, hitting a new peak of $0.571.
Upon writing, WIF has increased by 44.41% to $0.543. The “Shiba Inu” Dogwifhat price surge in Solana during the past 24 hours comes after a 6% rise in Bitcoin.
For the first time since late 2021, Bitcoin—the biggest cryptocurrency by market value—reclaimed the $57,000 milestone. Since the start of the year, the price of bitcoin has increased 32%, following a trend of strong price growth that has sparked interest in altcoins from speculators.
The native token of Solana, the home of WIF, rose 8% to trade at $111.43 at press time, mirroring the wider market surge.
Meme coin prices are rising, indicating that traders are really interested in this market rise.
The top meme tokens by market capitalization rose by 9.1% over the course of the previous day to reach a total of $24.45 billion, according to CoinMarketCap statistics. With a price gain of 47%, Dogwifhat led the 24-hour surge among meme currencies, save for Pepe, which had a 50% spike.
In line with its price explosion, WIF’s 24-hour trading volume has climbed by 210% to $119.6 million.
What’s next?
Notably, WIF increased during the course of the weekend following a low of $0.285 on February 24. Over the course of four days, the bulls gained strength, smashing WIF’s previous all-time high and breaking over the $0.531 barrier set on January 18.
After hitting new all-time highs, WIF’s price has entered unknown territory, making it challenging to predict where it will go next. It stands to reason that a persistent break above its present all-time high of $0.571 may drive it into the $0.6 range.
Conversely, WIF can look for intermediate support at the previous $0.47 barrier.
