Built on the Solana ecosystem, Dogwifhat has become a market leader, ranking #43 among the top cryptocurrencies.
The dog-themed coin has gained significant traction over the past week, seeing a 52% price increase.
Dogwifhat (WIF) was launched in late 2023 and is currently priced at around $2.58 with a market cap of around $2.5 billion.
It hit an all-time high of $4.83 in March.
On Friday, crypto.news highlighted WIF on its weekly chart, noting that it has surpassed the 50% retracement level at $2.46. It remains to be seen whether it will hold this level, but indicators suggest that it will.
A convincing close above the historical resistance level at $2.4 could pave the way for further upside.
The success of this coin is largely due to the Solana (SOL) community, which has effectively used social media and PR to boost visibility. With new projects being launched regularly, the meme coin craze shows no signs of slowing down.
Solana shows flexibility
Solana, a high-speed layer-1 blockchain launched in 2017, has become a major player in the cryptocurrency ecosystem. Despite challenges, including the fallout from the FTX collapse, Solana has shown remarkable resilience.
The success of blockchain is largely due to its innovative technologies, which enable fast transaction speeds, low fees, and high scalability.
Solana can process up to 65,000 transactions per second, with an average transaction cost of just $0.00025. This efficiency has attracted a variety of decentralized applications in sectors such as decentralized finance (DeFi), gaming, and non-fungible tokens, or NFTs.
DeFi Solana Aesthetic view This cryptocurrency is thriving, with numerous protocols for lending, borrowing, liquidity pools, and yield farming. Prominent platforms and decentralized exchanges like Jupiter, Raydium, and Orca are contributing to the growth of the ecosystem.
Solana has also become a leading network in stablecoin transfers, especially in cross-border payments. In March, Solana processed nearly $1.4 trillion in stablecoin transfers, capturing a 43% market share.
