Solana's SOL surges 13.3% to $124.17 as interest in Dogwifhat (WIF) memecoin drives blockchain activity. Bitcoin leads market gains with ETF approval boosting institutional inflows.

Solana’s SOL (SOL) has surged to fresh yearly peaks amidst a broader crypto upswing, driven by heightened activity on the blockchain spurred by fervent interest in the Dogwifhat (WIF) memecoin.

Over the past 24 hours, SOL has recorded a robust 13.3% increase, catapulting from $108 to establish a new yearly pinnacle of $124.17 at the moment of reporting, according to CoinGecko data.

Prior to the rally in Solana, there was a flurry of buying activity surrounding the Solana-based memecoin Dogwifhat (WIF), which has witnessed its valuation surge by 55% from $0.52 on Feb. 27 to $0.82 at the time of publication.

Introduced on Dec. 14, 2023, WIF stands as a memecoin adorned with an image of a Solana developer’s dog donning a knitted hat. Since its inception, WIF has amassed gains exceeding 50,000%.

However, SOL still lags, down 52% from its peak of $259.62, achieved on Nov. 6, 2021.

Solana wasn’t the sole high-profile cryptocurrency to scale new heights in 2024, as both Binance’s BNB (BNB) and Dogecoin (DOGE) clinched respective peaks of $427 and $0.12 approximately two hours prior to Solana’s surge.

Bitcoin (BTC) continues to spearhead the market’s advances, bolstered by institutional inflows into recently sanctioned spot Bitcoin exchange-traded funds (ETFs), which have been gathering momentum since their approval on Jan. 11.

The 10 ETFs amassed a staggering $7.7 billion volume on Feb. 28.

Simultaneously, BlackRock’s iShares Bitcoin ETF attracted over $612 million in inflows on the same day, marking the largest single-day influx for any ETF to date.

Bitcoin is presently trading at $62,413, marking a 21% uptick over the past week and a 44% surge in the last month.

Ether (ETH) has also notched its highest price of 2024, reaching a peak of $3,492 on Feb. 28.

Many market analysts are eyeing the forthcoming spot Ether ETF as a potential catalyst for its growth in the upcoming months, with numerous predictions suggesting that ETH’s price trajectory could mimic Bitcoin’s trajectory leading up to the approval of its spot ETF products.