Memecoins
Elon Musk’s Shout Out to Solana Meme Coin Dogwifhat Sparks WIF Price Rally
In a recent video that quickly gained traction on social media platformElon Musk is heard mentioning a new Solana-based coin, Dogwifhat (WIF). This offhand remark, reportedly made during a live stream, caused repercussions in the crypto community. Additionally, this has propelled the price of WIF higher, even amid a broader market downturn.
Elon Musk on Solana Meme Coin Dogwifhat
The video shows Musk casually stating that he “knows Dogwifhat.” This statement sparked speculation and excitement among his millions of followers. Known for his influential presence in the world of cryptocurrencies, Musk’s past endorsements, notably of Dogecoin (DOGE), have led to significant market movements.
Dogecoin, another dog-themed cryptocurrency, saw substantial gains and gained mainstream attention after Musk’s numerous tweets and public endorsements. Additionally, the billionaire continued to show his confidence in the future of DOGE, the king of meme coins.
Meanwhile, Dogwifhat, a meme coin launched on the Solana blockchain, was in the red before Musk’s mention. The coin, leveraging the popular culture of dog-themed memes in the crypto space, saw an immediate price surge after the video was released. The surge occurred despite the broader cryptocurrency market’s current downtrend, underscoring Musk’s unprecedented influence.
Additionally, this is the first time Musk has mentioned a coin other than Dogecoin. In the past, the Tesla CEO has firmly stated that he prefers DOGE over Shiba Inu (SHIB), which is the second largest cryptocurrency. Therefore, the latest mention of Dogwifhat surprises everyone.
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WIF Prize Rally
Market analysts noted a significant increase in trading volume for WIF following the video. Additionally, new investors are likely to step in due to Musk’s perceived support. The meme coin industry has historically demonstrated volatility, often driven by social media hype and support from high-profile figures.
Although the exact origins of Dogwifhat and its long-term viability remain unclear, the immediate consequences of Musk’s mention are clear. The price surge is reminiscent of similar events in the past, where Musk’s comments led to a rapid backlash. However, the WIF price rise could be short-lived, as older trends show.
At press time, the price of Dogwifhat jumped 2.09% to $2.79 on Monday, June 10. Additionally, the market capitalization of WIF has soared to $2.73 billion. Meanwhile, trading volume for Solana Meme coins jumped 3.08% to $392.88 million. Additionally, the dog face piece of money erased part of its weekly decline of more than 20%.
Read also: SOL/BTC Price Prediction: Can Solana Price Reach $200 While Bitcoin Slips?