The memecoin project Dogwifhat in the Solana ecosystem encountered a massive 1450% price surge on Bybit immediately after being listed. The token's price soared from $2.70 to $41.85 within just 10 minutes of trading.

Dogwifhat's price spike, albeit brief, was limited to Bybit and did not affect prices on Binance, a platform responsible for a third of the token's trading volume on centralized exchanges. Currently, Bybit's price has stabilized at $2.64, marking a 3.5% decrease from its initial surge.

This memecoin project, known for its image of a dog wearing a hat, gained popularity during the recent memecoin craze alongside tokens like Pepe, Bonk, and Book of Meme. Notably, Dogwifhat garnered significant backing from influential investors like Hsaka and key personalities such as Ansem.

Additionally, supporters of Dogwifhat successfully raised $700,000 to showcase the token's logo on the Las Vegas globe for a week, although specifics regarding the display timeline remain uncertain.

The surge in memecoin interest has spurred activity within various blockchain ecosystems, including Solana. While the memecoin craze initially led to fundraising hype before token launches, many projects ended in rug-pull scams, causing network congestion and token devaluation. However, a recent update within the Solana ecosystem has restored transactional functionality, supporting the momentum of memecoin projects within the network.

The original article was published on COINTURK NEWS: [Exploring the Rapid Rise of Dogwifhat in the Solana Ecosystem]