Dogwifhat (WIF) leads meme coin rally with 19% surge

Solana's WIF Token Surges 19% as Market Anticipates Solana ETF

WIF, the native token of the Solana-based meme coin Dogwifhat, has experienced a significant surge of 19% in the past 24 hours, placing it among the top gainers in the crypto market.

At the time of writing, WIF is trading at $2.31, marking a 19% increase. Its daily trading volume has also risen by 34% to approximately $432 million, as per CoinMarketCap data.

Meanwhile, Dogwifhat, which features a Shiba Inu dog wearing a pink knitted cap, has surpassed a market capitalization of $2.3 billion. However, WIF remains 55% below its all-time high recorded on March 31.

The surge in WIF's price follows a recent filing by VanEck, a major asset manager, with the SEC for the first-ever Solana exchange-traded fund (ETF) in the United States. This move has likely reignited enthusiasm among investors in Solana-based meme coins, who anticipate a potential price surge in such tokens once the Solana ETF is approved.

Market Spotter, a platform known for its advanced trading indicators, has noted that WIF has broken a resistance trendline and has forecasted a target price of $4.5.

The price jump for WIF is part of a broader surge in the meme coin market, which has climbed by 4.3% in the last 24 hours, reaching a total valuation of $49.2 billion. Other popular meme coins experiencing notable price surges include Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT), which have recorded gains of 9%, 8%, and 7%, respectively.

The global crypto market has also witnessed a 3% increase, bringing its total value to $2.33 trillion. Bitcoin, the leading cryptocurrency, is also in the green, up 2.7% and trading at $63,034, according to CoinMarketCap.