The cryptocurrency Solana has soared to new yearly heights, boosted by a widespread rally in the crypto market and heightened interest in a new meme-themed digital asset called dogwifhat (WIF). Solana experienced a dramatic 13.3% increase in value within 24 hours, moving up from $108 to an impressive peak of $124.17.
Surge in Meme Coin Popularity
Prior to Solana’s ascent, the meme coin, WIF, based on the Solana blockchain, witnessed a substantial increase of 55% in its value. This digital asset, which features a dog in a hat as its mascot, has captured the attention of investors since its launch in December of the previous year, accumulating over 50,000% in gains since its introduction.
Record Day for Bitcoin ETFs
Despite Solana’s rise, it remains at a 52% discount from its historic high. Other cryptocurrencies like Binance’s BNB token and Dogecoin have also reached significant values this year. In a broader market trend, Bitcoin‘s newly approved exchange-traded funds (ETFs) have attracted notable institutional investment, with a record $7.7 billion in trade volume on February 28 and BlackRock’s iShares Bitcoin ETF experiencing the largest single-day inflow ever.
The crypto market continues to thrive as Bitcoin trades at $62,413, up 21% from last week and 44% from last month. Ethereum also hit a new annual high of $3,492 on February 28. Market analysts are closely watching the potential release of Ethereum spot ETFs, which could further stimulate Ethereum’s price growth.
As the crypto market expands, the upcoming Ethereum spot ETFs are expected to potentially mirror the success of Bitcoin’s recent ETFs, giving credence to predictions of Ethereum’s price trajectory in the near future.