Memecoins
Dogwifhat (WIF) Leads Meme Coin Rally with 19% Surge
WIF, the native token of Solana Meme coin Dogwifhat surged 19% and ranked among the top gainers in the cryptocurrency market today.
At the time of writing, WIF was trading at $2.31, up 19% in the past 24 hours, according to data from CoinMarketCap (CMC). The crypto asset’s daily trading volume has also increased by 34%, hovering around $432 million.
24 Hour WIF Price Chart | Source: CoinMarketCap
Meanwhile, the meme cryptocurrency, based on an image of a Shiba Inu dog wearing a pink knitted hat, has also seen its market cap surpass $2.3 billion. However, WIF is still trading 55% below its all-time high reached on March 31.
The latest wave of WIF follows a major asset manager, VanEck, SEC filing for the first-ever Solana exchange-traded fund (ETF) in the United States
VanEck’s move likely reinforced investors’ renewed enthusiasm for Solana-based meme coins, who are anticipating a potential rise in prices for these tokens following the approval of the Solana ETF.
Meanwhile, Market Spotter, known for its advanced trading indicators, note On July 1, WIF broke the resistance trendline and predicted a target price of $4.5.
The WIF price rise also comes against the broader backdrop of the meme coin market, which climbed 4.3% to $49.2 billion in the past 24 hours. Besides WIF, other popular meme coins that saw notable price increases were Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT), which saw gains of 9%, 8%, and 7%, respectively. .
At the same time, the global cryptocurrency market also saw a 3% surge, bringing it to a total valuation of $2.33 trillion. Bitcointhe pioneer cryptocurrency, is also in the green, up 2.7% and trading at $63,034, according to CMC data.