Claim $500Elon Musk’s Shoutout To Solana Meme Coin Dogwifhat Sparks WIF Price Rally
Highlights
- In a video on X, Elon Musk is seen mentioning Dogwifhat.
- The Solana meme coin, WIF, which was struggling with a bearish turn, witnessed a rebound thereafter.
- The WIF price touched a high of $2.81 after the latest declaration by Musk.
In a recent video that has rapidly gained traction on the social media platform X, tech mogul Elon Musk is heard mentioning a newly launched Solana-based meme coin, Dogwifhat (WIF). This offhand remark, reportedly made during a livestream, has sent ripples through the crypto community. Moreover, it propelled the WIF price upwards even amidst a broader market downturn.
Elon Musk On Solana Meme Coin Dogwifhat
The video showcases Musk casually stating that he “knows Dogwifhat.” This declaration 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, saw substantial gains and mainstream attention after Musk’s numerous tweets and public endorsements. Moreover, the billionaire has continued to display his faith 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 dog-themed meme culture in the crypto space, saw an immediate price rally post the video’s dissemination. This surge occurred despite the current bearish trend in the broader cryptocurrency market, highlighting Musk’s unparalleled influence.
Moreover, this marks the first time Musk has mentioned a meme coin other than Dogecoin. In the past, the Tesla CEO has strongly affirmed that he prefers DOGE over Shiba Inu (SHIB), which is the second-largest meme crypto. Hence, the latest mention of Dogwifhat comes to everyone’s surprise.
Also Read: Solana (SOL) Price is Under $200; Time to Buy?
WIF Price Rally
Market analysts noted a significant uptick in trading volume for WIF following the video. Moreover, new investors are likely to jump in due to the perceived endorsement by Musk. The meme coin sector has historically shown 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 aftermath of Musk’s mention is clear. The price surge is reminiscent of similar events in the past, where Musk’s comments have led to rapid. However, the WIF price rally could be short-lived as seen in older trends.
At press time, the Dogwifhat price surged 2.09% to $2.79 on Monday, June 10. Furthermore, the WIF market cap soared to $2.73 billion. Whilst, the trading volume for the solana meme coins jumped 3.08% to $392.88 million. Moreover, the dog-faced meme coin erased some of its weekly decline of over 20%.
Also Read: SOL/BTC Price Prediction: Can Solana Price Reach $200 While Bitcoin Slides?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Calls for Rate Cuts as Fed Chair Favorite Hassett Says U.S. Lags on Lowering Rates
- Aave Labs vs DAO: What Investors Should Know About the AAVE Token Alignment Proposal
- January Fed Rate Cut Odds Fall to New Lows After Strong U.S. Q3 GDP Report
- Breaking: U.S. GDP Rises To 4.3% In Q3, BTC Price Climbs
- Breaking: Bank of Russia Proposes Allowing Investors to Buy Bitcoin and Crypto in Major Regulatory Shift
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
- Bitcoin Price Prediction and Analysis: Will BTC Hit $100k Before Year-End?
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
