Dogwifhat Zooms to Nearly 50 Cents as Solana Meme Coins Make a Comeback
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Dogwifhat Zooms to Nearly 50 Cents as Solana Meme Coins Make a Comeback
A bump in network activity and usage could contribute to an upside for Solana’s SOL.
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On-chain metrics suggest a renewed frenzy for meme coins on the Solana blockchain, similar to last year’s frenzy that drove the price of SOL to nearly $121.
Trading volumes and users across several meme coins that sprouted in December have surged in the past week, data shows, while viral favorite dogwifhat WIF surged above previous highs amid futures listing and network effects.
WIF rose as much as 50% to 48 cents in the past 24 hours before retreating, as traditional finance firm Franklin Templeton alluded to the tokens’ “wif hat” meme in an X post late Wednesday, buoying sentiment.
In follow-up tweets, the company’s digital assets team said it was “impressed” by the growth of Solana-based applications in Q4, and that it was one of the ecosystems it was watching alongside Bitcoin and Ethereum.
Much of the token’s memetic value is derived from its connection to an image of a dog wearing a hat – and the “wif hat” usage that has caught on and grown among crypto circles.
