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

WIF, the native token of Solana meme coin Dogwifhat, has surged 19% and has ranked as a top gainer in the crypto market today.

At the time of writing, WIF was exchanging hands at $2.31, up 19% in the last 24 hours, per data from CoinMarketCap (CMC). The crypto asset’s daily trading volume was also up 34%, hovering around $432 million.

Meanwhile, the meme coin, based on a picture of a Shiba Inu dog wearing a pink knitted cap, has also witnessed its market cap surpass $2.3 billion. However, WIF is still trading 55% below its all-time high attained on March 31.

The latest surge in WIF follows a major asset manager, VanEck, filing with the SEC for the first-ever Solana exchange-traded fund (ETF) in the U.S.

VanEck’s move has likely bolstered renewed enthusiasm from investors in Solana-based meme coins who anticipate a potential price surge in such tokens following the approval of the Solana ETF.

Meanwhile, Market Spotter, known for their advanced trading indicators, noted on X on July 1 that WIF has broken the trendline of resistance and has predicted a target price of $4.5.

WIF’s price jump also comes amid the broader meme coin market, which has climbed by 4.3%, standing at $49.2 billion in the last 24 hours. Besides WIF, other popular meme coins with notable price surges were Pepecoin (PEPECOIN), Bonk (BONK), and Brett (BRETT), which recorded gains of 9%, 8%, and 7%, respectively.

Meanwhile, the global crypto market has also experienced a 3% surge, bringing it to a total valuation of $2.33 trillion. Bitcoin, the pioneering cryptocurrency, is also in the green, up 2.7% and exchanging hands at $63,034, per data from CMC.