Solana is a cryptocurrency on the blockchain inspired by internet memes. dogwifhat (WIF) rose 47% in the last 24 hours to reach an all-time high of $0.571.
At the time of writing, WIF was trading at $0.543, up 44.41%. Dubbed Solana’s “Shiba Inu,” the jump in Dogwifhat price over the last 24 hours coincided with the rise in Bitcoin price.
Bitcoin, the largest cryptocurrency by market cap, has reclaimed the $57,000 level for the first time since late 2021. Bitcoin’s price has risen 32% since the beginning of the year, continuing a long-running rally that has spurred speculative interest in altcoins.
Solana’s native token, SOL, which is the basis for Dogwifhat, was also trading up 8% at $111.43 as of press time, reflecting the overall market rally.
The general volatility in the market has aroused great interest among traders, as evidenced by the meme coin price increases.
According to CoinMarketCap data, top meme tokens by market cap increased by 9.1% in the last 24 hours, reaching a total of $24.45 billion. Alongside Pepe, which had a 50% price increase, Dogwifhat led the 24-hour jump among meme currencies with a 47% increase.
WIF’s 24-hour trading volume increased 210% to $119.6 million, matching the price increase.
Notably, WIF continued to rise over the weekend after falling to $0.285 on February 24. The bulls broke through the $0.531 resistance set on January 18 with a four-day rally, breaking WIF’s previous all-time high.
The price of WIF has entered uncharted territory after reaching an all-time high, so it may be difficult to predict where it will go next. Logically, a sustained break above the current all-time high at $0.571 could push it to the $0.6 zone.
On the other hand, WIF may seek intermediate support at the previous barrier at $0.47.
