Solana became the latest altcoin to surpass new annual highs amid a broader crypto rally in the blockchain ecosystem, fueled by growing user interest in the memecoin project dogwifhat (WIF). According to CoinGecko data, Solana achieved a 13.3% gain in the last 24 hours, rapidly rising from $108 to reach its highest level of the year at $124.17.
Solana Refreshes Record
Before the Solana rally, there was notable buying activity for the Solana-based memecoin dogwifhat (WIF), which saw its price increase by 55% from $0.52 to $0.82 on February 27. Launched on December 14 last year, WIF, featuring an image of a dog wearing a knitted hat by a Solana developer, has managed to attract attention as a memecoin project. Since its inception, WIF has gained more than 50,000% in value.
However, Solana is still 52% cheaper than its all-time high of $259.62 reached on November 6, 2021. Solana, along with the rise in Binance‘s BNB token reaching $427 and Dogecoin’s climb to $0.12, was not the only major volume crypto asset to reach new highs in 2024.
Interest in ETF Funds Continues
Recently approved spot Bitcoin exchange-traded funds (ETFs) continue to see strong institutional inflows since their approval on January 11, with Bitcoin leading the market’s gains. On February 28, a record volume of $7.7 billion was seen on the ETF front.
On the same day, BlackRock’s iShares Bitcoin ETF fund saw an influx of over $612 million, marking the largest single-day entry into any ETF fund to date. Bitcoin is currently trading at $62,413, up 21% over the past week and 44% over the past month. Ethereum also reached its highest price of the year 2024 on February 28, at $3,492.
Many market experts are anticipating the upcoming Ethereum spot ETF fund as a factor for Ethereum’s growth in the coming months, and many predict that Ethereum’s price movement could follow a similar path to Bitcoin’s on the road to approval of spot ETF products.
