Dogwifhat WIF Token Pumped 51% today and Here is Why

• Dogwifhat (WIF), a Solana meme coin, has surged 257% over the past week to $0.04 as SOL reclaimed $100
• WIF saw meteoric gains after a quiet launch in Nov 2021, rising 227,000% in Dec and further in Jan before declining recently
• Despite WIF’s rise and SOL reclaiming $100, top Solana meme coin BONK hasn’t benefited, as broader crypto market sees modest declines

The Solana meme coin Dogwifhat (WIF) has seen a massive 257% price surge over the past week, more than doubling to over $0.04. This comes as Solana’s SOL token reclaimed the $100 level after recent declines. WIF is now the fifth-largest meme coin by market cap.

WIF’s Meteoric Rise

WIF launched quietly in November 2021 before seeing a 227,000% price jump in December to $0.14. It rose further to $0.32 in January before declining below $0.08 last week. Now WIF has exploded 51% in the last 24 hours to above $0.04 with a market cap over $420 million. Trading volume has reached nearly $65 million.

SOL Reclaims $100

Solana’s SOL is up 4% today to over $101, reclaiming the $100 level for the first time since Sunday. However, SOL remains far below its all-time high of $260 in 2021. SOL’s rise comes after Solana Labs revealed plans for a new Saga Chapter 2 smartphone with a cheaper $450 preorder price.

Meme Coins on Solana

BONK, Solana’s leading meme coin, has not benefited from WIF’s surge. BONK is down 4% to $0.00001353, 60% off its all-time high last month. The broader crypto market is down about 1% over the past day, with Bitcoin and Ethereum falling 2% each.

Conclusion

The explosive gains for Dogwifhat show continued interest in Solana meme coins as the blockchain’s SOL token mounts a comeback. However, top meme coin BONK has yet to follow suit, as the overall crypto market sees modest declines. WIF’s massive rise spotlights the potential for meme coin mania on Solana.