Dogwifhat (WIF) leads meme coin rally with 19% surge
Release: 2024/07/01 16:55 Reading: 536
WIF, the native token of Solana meme coin Dogwifhat, has surged by 19% today, ranking among the top gainers in the crypto market.
At the time of writing, WIF was trading at $2.31, representing a 19% increase over the past 24 hours. Its daily trading volume also rose by 34%, reaching approximately $432 million, according to data from CoinMarketCap (CMC).
Meanwhile, the market capitalization of the meme coin, which features a Shiba Inu dog wearing a pink knitted cap, has exceeded $2.3 billion. However, WIF remains 55% below its all-time high, which it achieved on March 31.
WIF's recent surge follows the filing by major asset manager VanEck with the SEC for the first-ever Solana exchange-traded fund (ETF) in the U.S. VanEck's move has likely reignited investor interest in Solana-based meme coins, with anticipation of a potential price increase if the Solana ETF is approved.
Additionally, Market Spotter, known for its advanced trading indicators, has noted that WIF has broken through a resistance trendline and has predicted a target price of $4.5.
The rally in WIF also aligns with the broader meme coin market, which has witnessed a collective 4.3% increase, pushing its total valuation to $49.2 billion over the last 24 hours. Among other notable meme coins, Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT) have posted gains of 9%, 8%, and 7%, respectively.
The global crypto market has also experienced a 3% surge, bringing its total valuation to $2.33 trillion. Bitcoin, the leading cryptocurrency, has also gained 2.7%, trading at $63,034, according to CMC.
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