Memecoins
Elon Musk’s Shout Out to Solana Dogwifhat Meme Coin Triggers WIF Price Rally
In a recent video that quickly gained popularity on social media platform X, a tech mogul Elon Musk we hear mention of a newly launched Solana-based meme coin, Dogwifhat (WIF). This offhand remark, reportedly made during a live stream, sparked reactions in the crypto community. Furthermore, it pushed the price of WIF higher even in the context of a broader market downturn.
Elon Musk on Solana meme coin dogwifhat hat
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 cryptocurrency world, Musk’s past endorsements, particularly of Dogecoin (DOGE), have led to significant market movements.
Dogecoin, another dog-themed cryptocurrency, has seen substantial gains and mainstream attention following Musk’s numerous tweets and public endorsements. Furthermore, 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, capitalizing on the popular canine-themed meme culture in the crypto space, saw an immediate price increase following the release of the video. This surge occurred despite the current bearish trend in the broader cryptocurrency market, highlighting Musk’s unprecedented influence.
Additionally, this is the first time Musk has mentioned a meme coin other than Dogecoin. In the past, the Tesla CEO has strongly stated that he prefers DOGE to Shiba Inu (SHIB), which is the second largest meme cryptocurrency. So, the latest mention of Dogwifhat surprises everyone.
Read also: Solana (SOL) price is below $200; Is it time to buy?
WIF price rally
Market analysts noticed a significant increase in trading volume for WIF after the video. Additionally, new investors are likely to step in due to perceived backing from Musk. The meme coin industry has historically exhibited volatility, often driven by social media hype and endorsements from high-profile individuals.
While the exact origins of Dogwifhat and its long-term viability remain uncertain, 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 acceleration. However, the WIF price rally may be short-lived as seen in older trends.
At the time of writing, Dogwifhat price rose 2.09% to $2.79 on Monday, June 10. Additionally, WIF’s market capitalization rose to $2.73 billion. While, trading volume for Solana meme coins increased by 3.08% to $392.88 million. Also, the dog face memetic currency erased part of its weekly decline of more than 20%.
Read also: SOL/BTC Price Prediction: Can Solana Price Reach $200 as Bitcoin Slides?