WIF, the native token of Solana meme coin Dogwifhat, has surged 19% to become the top gainer in the cryptocurrency market today.
At the time of writing, WIF was trading at $2.31, up 19% in the last 24 hours, according to CoinMarketCap (CMC). The crypto asset’s daily trading volume has also increased by 34%, reaching around $432 million.
Meanwhile, the meme coin based on a Shiba Inu dog wearing a pink knitted hat has also surpassed the $2.3 billion mark. However, WIF is still trading 55% below its all-time high reached on March 31.
The latest surge in WIF follows major asset manager VanEck’s filing with the SEC for the first-ever U.S. exchange-traded fund (ETF), Solana.
VanEck’s actions have likely fueled enthusiasm among investors in Solana-based meme coins, who are anticipating a potential price increase for such tokens following the approval of the Solana ETF.
Meanwhile, Market Spotter, known for its cutting-edge trading indicators, noted on X on July 1 that WIF had broken the resistance trend line and predicted a price target of $4.5.
WIF’s price jump also comes amid the broader meme coin market, which has surged 4.3% to reach $49.2 billion in the last 24 hours. Aside from WIF, other popular meme coins with notable price gains were Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT), which saw gains of 9%, 8%, and 7%, respectively.
Meanwhile, the global cryptocurrency market also saw a 3% gain, bringing its total valuation to $2.33 trillion. Bitcoin, the pioneering cryptocurrency, is also in the black, up 2.7% to trade at $63,034, according to CMC data.
