Elon Musk’s Shoutout To Solana Meme Coin Dogwifhat Sparks WIF Price Rally

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?