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Solana Surges 13% to Reach New Annual Peak, Driven by Dogwifhat Memecoin Momentum

Solana’s (SOL) market value has experienced a significant surge to new yearly highs, with a notable increase of 13.7% over the last 24 hours. This remarkable price rise saw SOL climbing from $108 to $123.80 amidst a broader uptrend in the cryptocurrency market.

This latest uptick in SOL’s value can be primarily attributed to a surge in demand for the dogwifhat (WIF) memecoin, an intriguing digital asset built on the Solana blockchain. The WIF token, featuring an image of a developer’s dog sporting a knitted hat, has seen its value soar by over 55% from $0.52 on February 27 to $0.88, as reported by data from CoinMarketCap. Since its inception on December 14 of the preceding year, WIF has witnessed an astounding surge of over 50,000% in its valuation.

Adding to the optimism surrounding Solana, global beverage giant Coca-Cola HBC recently made headlines by announcing its adoption of blockchain technology in partnership with the Solana-based platform ALL.ART. This collaboration is geared towards streamlining the verification process for internal certificates, enabling the issuance and exchange of digital certificates as non-fungible tokens (NFTs) on the Solana blockchain. The initiative aims to address the prevalent issues of forgery and tampering associated with conventional certificate systems.

Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum - 1
SOL 24-hour price chart | Source: CoinMarketCap

Despite these notable developments underscoring Solana’s growing influence and adoption, the cryptocurrency is still in the process of recovering from a 52% decline from its all-time high of $259.62, recorded on November 6, 2021. Market analysts, including Hansolar, have indicated that Solana may be poised for a bullish phase, drawing parallels with the price movements of Ethereum (ETH) during past bull markets.

For instance, Ethereum witnessed a substantial surge from approximately $85 to $4,935 following Bitcoin’s record-breaking performance. This trend suggests that Solana could potentially follow a similar trajectory as Bitcoin continues to dominate the market, setting sights on surpassing its November 2021 high of $69,000.

Hansolar pointed out, “Previously, ETH took off when BTC actually broke out into ATHs. It’s then when retail buys into SOL as the high beta catch up play.”

“Currently SOL is at around 50% from ATHs similarly to how ETH was around the 50% mark as BTC was nearing ATHs in the previous cycle,” he added.

Solana is not the only cryptocurrency experiencing significant growth this year. Other major digital assets, including Binance’s BNB token and Dogecoin, have also surged to their 2024 highs, trading at approximately $427 and $0.132 respectively, shortly before Solana’s recent surge.

The prevailing market momentum is largely driven by Bitcoin, which has witnessed substantial institutional interest following the approval of spot Bitcoin exchange-traded funds (ETFs) on January 11. These ETFs have since generated a staggering $7.7 billion in volume on February 28 alone, with BlackRock’s iShares Bitcoin ETF attracting an unprecedented $612 million in inflows, marking the largest single-day accumulation for any ETF.

Bitcoin itself has been on an upward trajectory, currently trading at $63,400, reflecting a 22% increase over the past week and a 50% uplift over the month. Similarly, Ethereum reached a new 2024 high of $3,492 on February 28, with market analysts eyeing the upcoming spot Ethereum ETF as a potential catalyst for further growth.

Solana climbs 13% to hit new yearly high, sparked by Dogwifhat memecoin momentum - 2
BTC 24-hour price chart | Source: CoinMarketCap

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