Solana’s "Shiba Inu killer" Dogwifhat (CRYPTO: WIF) gained 32% in the past 24 hours off the back of a Bitcoin rally of 5.5%.

What Happened: Based on Coingecko data, the top dog-themed coins by market cap surged 5% to a combined market cap of $20.9 billion in the past 24 hours. Dogwifhat topped the charts with its 32% rally to $0.45.

While in mid-February, the memecoin ranked fifth among dog-themed memecoins by market cap, it currently holds the fourth position behind Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) and Bonk (CRYPTO: BONK).

Launched in 2023, Dogwifhat is inspired by a Shiba Inu dog wearing a pink hat.

Read Also: Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: 'The Doge Of This Cycle,' Says Crypto Expert

Why It Matters:  Analysts see a continuation of the bullish rally ahead.

"Degen & Angel Investor" DeFi.Pope indicated in his recent post that WIF now boasts 50,000 holders.

Crypto trader, TheFlowHorse tweeted:

There are some mega obvious setups across the board.

Few are as clear as $WIF right here.

This base is setting up a much larger leg higher again. pic.twitter.com/UjDwAsxi4m

— HORSE (@TheFlowHorse) February 26, 2024

Another X user stated, “even the htf trend has flipped bullish. this dog is going to 1 and then 10.”

The wider market rally is reflected in memecoins gaining in price with Pepe (CRYPTO: PEPE) attracting significant attention from analysts and traders.

Read Next: Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst

Photo: Shutterstock