Solana (SOL) has become the latest altcoin to mint new yearly highs amid a wider crypto rally, with activity on the blockchain spurred by a scramble to buy up the dogwifhat (WIF) memecoin.
In the last 24 hours, Solana has posted a 13.3% gain, rising rapidly from $108 to reach a new yearly high of $124.17 at the time of publication, per CoinGecko data.
Preceding the Solana rally was a frenzy of buying activity for the Solana-based memecoin dogwifhat (WIF), which has seen its price rise 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.
Launched on Dec. 14 last year, WIF is a memecoin that features a picture of a Solana developer’s dog wearing a knitted hat. Since its inception, WIF has gained more than 50,000%.
Solana, however, still remains down 52% from its all-time high of $259.62, which it reached on Nov. 6 in 2021.
Solana wasn’t the only large-cap cryptocurrency to reach new highs for 2024, with both Binance’s BNB token (BNB) and Dogecoin (DOGE) token notching respective highs of $427 and $0.12 roughly 2 hours before Solana.
Bitcoin (BTC) has been leading the market’s gains as institutional inflows into the recently approved spot Bitcoin exchange-traded funds (ETFs) continue to strengthen following their approval on Jan. 11.
Related: Solana eyes $600 target in upcoming crypto surge
The ten ETFs generated a record-breaking $7.7 billion volume on Feb. 28.
On the same day, BlackRock’s iShares Bitcoin ETF attracted more than $612 million in inflows, the largest single-day inflow of any ETF to date.
Bitcoin is currently changing hands for $62,413, up 21% in the last week and 44% in the last month.
Ethereum has also posted its highest price of 2024, reaching a local high of $3,492 on Feb. 28.
Several market pundits are looking to the upcoming Ethereum spot ETF as a catalyst for its growth in the coming months, with many predicting that ETH’s price action could chart a similar path to Bitcoin in the lead-up to its spot ETF products being approved.
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