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Dogwifhat, built on the Solana ecosystem, has emerged as a market leader, ranking #43 among top cryptocurrencies.
The dog-themed meme coin gained significant traction over the past week, enjoying a 52% price increase.
Dogwifhat (WIF), launched in late 2023, is currently priced at around $2.58 with a market cap of approximately $2.5 billion.
Its all-time high was $4.83 in March.
On Friday, crypto.news featured WIF on its chart of the week, highlighting how it broke above the 50% macro retracement level at $2.46. It remains to be seen whether it will hold this level, but indicators show that it will.
A convincing close above the historical resistance of $2.4 could pave the way for further increases.
The coin owes its success to the Solana (SOL) community, which has effectively used social media and PR to increase visibility. As new projects are launched regularly, the meme coin craze shows no signs of slowing down.
Solana demonstrates resilience
Solana, a high-speed layer-1 blockchain launched in 2017, has quickly 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.
Solana DeFi landscape is thriving, with numerous protocols for lending, borrowing, liquidity pools, and yield farming. Notable platforms and decentralized exchanges such as Jupiter, Raydium, and Orca are contributing to the growth of the ecosystem.
Solana has also emerged as a leading network for stablecoin transfers, particularly cross-border payments. In March, Solana processed approximately $1.4 trillion in stablecoin transfers, allowing it to capture a 43% market share.
