Recently, a Solana (SOL) based memecoin called Dogwifhat (WIF) continued to rise, attracting investors’ attention. The altcoin’s price saw a surprising increase, growing over 40% in the last 24 hours, surpassing the $0.30 level and becoming one of the best-performing cryptocurrencies.
Possible Two Triggers for Dogwifhat’s WIF Surge
Following the rise of Dogwifhat’s WIF, investors started to question the reasons behind the surge. The first likely trigger is the cryptocurrency exchange Bitget supporting the asset and adding it to its “Innovation and Meme Zone.”
The cryptocurrency exchange places trending altcoins in this section for a 60-day evaluation period. After meeting certain criteria, Bitget officially proceeds to list them. Bitget’s support for the altcoin follows recent listings of WIF by other cryptocurrency exchanges such as Binance, Bybit, and BitMEX.
Another possible contributor to WIF’s recent rise is the resurgence of SOL, which has started moving upwards again, increasing by up to 10% in the last 24 hours. At the time of writing this article, SOL has risen by 9.64% in the last 24 hours, trading at $87.33.
Significant Activity in Solana-Based Memecoins
Dogwifhat is not the only Solana-based memecoin that has made a significant breakout in recent months. Another Solana-based memecoin, Bonk Inu (BONK), experienced a major surge at the end of 2023 after being listed on leading exchanges like Binance and Coinbase, with its market value reaching up to $2 billion in mid-December. However, this market value quickly declined in the following weeks and is currently around approximately $670 million.
The price of another Solana-based memecoin, Myro (MYRO), also made headlines with an increase of about 1000% over the last 30 days, reaching an all-time high of approximately $0.25 last week. MYRO is trading around $0.21 at the time this article was prepared.
