Solana meme coin, Dogwifhat, is surging again, reaching a new all-time high price, potentially helping SOL itself rise—and this time around, it’s not BONK leading the charge.
Dogwifhat (WIF) is the latest Solana meme coin to put up massive gains, surging 51% over the last 24 hours to a current price of just over $0.42.
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It went even higher to $0.44 to set a new peak price earlier Wednesday afternoon. Over the last week alone, WIF is up 257% per Coinstats.
WIF launched quietly in November before finding its first big price swing in December, marking a 227,000% jump at the time to $0.14. It went even further up to $0.32 last month before sinking, dipping below $0.08 as recent as last week.
Now WIF has a market cap of $423 million, making it the 146th largest cryptocurrency by market cap—and fifth-largest meme coin overall. Trading volume over the last day tallies nearly $65 million.
Solana itself may be riding the WIF wave today, rising 4% to hit $101. SOL reclaimed $100 earlier Wednesday for the first time since Sunday, though Solana’s native cryptocurrency remains down from its recent high of nearly $124 on Christmas Day.
It’s also still well short of its all-time high price of about $260 from late 2021.
SOL’s upward movement also comes one day after Solana Labs revealed plans to release a second smartphone following the Solana Saga, tentatively called “Chapter 2.”
The follow-up phone, set to release in 2025, will presumably come with more modest hardware and power given the $450 price for early pre-orders, compared to the $999 launch price for the Saga.
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BONK, Solana’s top meme coin that skyrocketed to new highs in December and helped yield a sellout for the Saga smartphone, isn’t benefiting from WIF’s own spike.
According to Coinstats, BONK is down 4% over the past day to a current price of $0.00001353, putting it 60% off its all-time high price from December 15.
Broadly, the cryptocurrency market is down about 1% over the past day. Bitcoin and Ethereum are both down about 2% during the span, with BTC falling to just above $42,600 and Ethereum landing at $2,535.
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