Dogwifhat Soars to $0.50: Solana Meme Coins on the Rise Again

• Boost in Meme Coin Activity Linked to Solana Blockchain
• Dogwifhat WIF Gains Momentum
• Other Meme Coins Experiencing Surges
• Increased Interest Potentially from Solana Mobile's Announcement
• Continued Success of Solana Applications

Boost in Meme Coin Activity Linked to Solana Blockchain

A resurgence in on-chain metrics seems to indicate an increased interest in meme coins on the Solana$104 5.03% blockchain, reminiscent of the previous hustle that propelled the cost of SOL to almost $121. Trading volumes and user engagement across a variety of meme coins that emerged in December have seen a noticeable swell in activity over the last week, data suggests. This uptick also includes the viral favorite, dogwifhat WIF, whose value soared above past records due to futures listing and network effects.

Dogwifhat WIF Gains Momentum

WIF, in the past 24 hours, increased as much as 50% to 48 cents before pulling back. It appears that legacy finance firm, Franklin$0.0015 -3.24% Templeton hinted at the tokens' "wif hat" meme in a recent post, providing a boost to market sentiment. Further tweets by the firm's digital assets crew expressed their admiration for the growth of Solana-based applications in Q4, and Solana made their list of ecosystems to monitor alongside Bitcoin$42,260 -0.64% and Ethereum$2,315 -2.42%. Much of the token's memetic value originates from its association with an image of a dog donning a hat - leading to the widespread use of the term "wif hat" in cryptocurrency circles.

Other Meme Coins Experiencing Surges

Other meme tokens, such as usedcar USEDCAR, popcat POPCAT, and kpop KPOP, saw spikes up to 50%. Despite their impressive growth, these coins have relatively modest market capitalizations under $20 million, according to data from tracking service Birdeye. Several popular Solana tokens have experienced dips as large as 80% from their peak as the meme coin hype calmed, and early investors capitalized on their enormous gains - including some who netted millions from a nominal initial investment.

Increased Interest Potentially from Solana Mobile's Announcement

Part of the recent interest could be attributed to Solana Mobile's announcement of their Two phone, set to be released in 2025 with a price tag of $450. Traders speculate that phone buyers may receive airdrops and applications from Solana-based applications, similar to a $650 airdrop given to Saga phone owners the previous year. This hint at potential token airdrops has caused MYRO prices to skyrocket as the project hinted at offering something special to "Two phone purchasers.

Continued Success of Solana Applications

The phone is the company's second, following the recent success of Saga after it was nearly deemed a failure. In the meantime, the value locked on Solana applications seems to be consistently rising over the past week, data suggests, following a brief dip in the initial week of 2024.

Edited by Jonathan Stoker