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Elon Musk mentions this Solana meme coin for the first time — TradingView News
Even though he couldn’t pronounce it correctly the first time, Elon Musk confirms that he is aware of Dogwifhat, the meme token launched on the Solana network. Musk called it “Dog-WiFi-hat” during the stream, proving that even the tech mogul isn’t immune to the quirks of the crypto meme.
A few months ago, one of the most popular memes was Dogwifhat, represented by the WIF symbol. Thanks to his brand of humor, his popularity skyrocketed.
But recently its value and attention have declined, just like those of many meme tokens. The token was briefly back in the news after Musk’s recent comment, which caused some movement in the market. However, it was not significant and the WIF shows no signs of FOMO from investors. Bitcoin/USD chart by TradingView
It is commonly known that Musk has a significant impact on the cryptocurrency market. Previous price spikes for assets like Dogecoin and Bitcoin were triggered by his tweets and comments.
Even when he offers humorous twists on his endorsements, investors often respond quickly. Previously, Musk did not mention any smaller meme coins and mostly limited himself to meme industry giants such as Dogecoin and Shiba Inu.
Meme tokens can always benefit from technological advantages. While Musk’s remark was met with initial enthusiasm, it is important to take into account the volatility that often follows such events. Meme tokens are particularly vulnerable to sudden fluctuations in value, caused by speculative trading and social media hype.
Currently, Solana is going through a rough patch and its meme coin industry is mostly fueled by tokens launched by celebrities like Iggy Azalea. Unfortunately, the profitability of these tokens is far from the levels of true digital assets such as Bitcoin or Ethereum.