The price of Dogwifhat (WIF) has seen a notable increase in the last week.
Dogwifhat, a meme cryptocurrency based on the Solana blockchain, is capturing the interest of users due to the exponential increase in its price in the last 7 days.
The data consulted on the CoinMarketCap platform show that the WIF price has increased by 50,43% since last Monday, trading above $2,32 per token, at the time of writing this article.
Source: CoinMarketCap
The Solana memecoin was launched last year as a decentralized digital asset inspired by the Internet meme Dogwifhat, a Shiba Inu dog that sports a pink knit hat on its head. This meme was created in 2019 by a professional Fortnite player and became popular as a profile image among organizations and eSports fans.
Since its launch in the crypto market, the price of WIF has increased by more than 3.200%, reaching its current all-time high of $4,85 on March 31 of this year.
What drives Dogwifhat price?
Dogwifhat price has reversed the negative market sentiment, leading an uptrend in the Solana ecosystem. Memecoin has been boosted primarily by the filing of applications for the Solana spot ETF by VanEck and 21Shares.
Both exchange-traded fund applications, which were submitted by ETF issuers to the U.S. Securities and Exchange Commission (SEC) last week, have flooded the crypto market with excitement and enthusiasm, with memecoins being based on the Solana blockchain. the most benefited so far.
The first presentations of Solana ETFs have caused a significant increase in the price of the network's native cryptocurrency, awakening greater demand for this digital asset and its blockchain ecosystem.
Solana, which is currently the fifth most important cryptocurrency in the market by capitalization, is trading at around $147 dollars per unit, with a 15% increase in its price in the last week. However, despite the notable appreciation of SOL, memecoins based on this blockchain are the ones that show the largest gains since the filing of applications to launch a Solana-based spot ETF.
Bonk, another dog-themed memecoin based on Solana, has also seen a substantial price increase, according to data from CoinMarketCap. BONK price is up over 17% since last Monday, trading at $0,0000238 at the time of writing.
Memecoins, a cultural manifestation of the Internet era
Although many question the usefulness and value of memecoins, these cryptocurrencies have become a cultural icon that has been attracting millions of people to the crypto market.
Memecoins are a current cryptocurrency phenomenon closely related to Internet culture and humor.
Last month, cryptocurrency reporter Colin Wu published a opinion piece highlighting the value of memecoins. In it, Wu explained that these digital assets bring together a series of unique elements that characterize them and that have contributed to their current success. For example, he highlighted the cultural foundation of memecoins, entertainment and humor as key factors that have served to bring together communities of millions of people in a relaxed and fun online environment. These same characteristics have also managed to attract a large number of young investors to the cryptocurrency market during the last two bull cycles, Wu noted.
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