Solana Meme Coin Dogwifhat Spikes 257% as SOL Reclaims $100

A Solana meme coin is surging again, reaching a new all-time high price, potentially m 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. 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 CoinGecko.

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 preorders, compared to the $999 launch price for the Saga.

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 CoinGecko, 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.

Edited by Ryan Ozawa.