Solana-based token Dogwifhat skyrocketed by over 50% to hit record highs today following its listing on Binance on Tuesday.
Despite initially dropping 17% amid Bitcoin’s sell-off yesterday, the meme-themed token rebounded strongly, nearly doubling from its low to reach a new all-time high of around $2.16.
Currently trading at $2.06, Dogwifhat has surged 17% in the past 24 hours, marking a 240% increase over the past week and an astonishing 1,245% surge year-to-date. This surge has propelled its market capitalization to $2.1 billion, just three months after its launch in November.
In comparison, other meme coins like Pepe saw a modest 7% gain, while Dogecoin, Bonk, and Shiba Inu experienced losses of around 10%. Notably, older meme coins like Doge and Shiba Inu are still around 50% below their previous all-time highs set in April and October 2021, respectively.
Despite the meme coin frenzy, the overall meme coin market capitalization saw a slight dip of 0.8% over the past 24 hours. Meanwhile, Bitcoin briefly surpassed $69,000 for the first time in 846 days yesterday and is currently trading at $66,952.
Separately, Binance announced withdrawal suspensions to the Solana network due to increased transaction volumes. However, it anticipates resolving the issue and resuming withdrawals starting March 9.
“Withdrawals on the Solana (SOL) network have been intermittently suspended since 2024-03-04 due to the increased volume of transactions on the network. Binance has identified some areas for optimization and is working to provide a stable and long-term solution. The estimated implementation date of the solution is 2024-03-09 18:00 (UTC),” the statement reads.
Solana’s native token SOL experienced a slight decline of 0.68% in the past 24 hours but remains up over 17% for the week. The recent outages on exchanges like Binance and Coinbase have been attributed to a surge in retail interest and heightened activity from algorithmic trading firms.
Despite operational challenges, Binance received the Cyber Security Professional Merit Award in the banking and finance category from Hong Kong authorities.
