As some have pointed out, judging by the video that has now gone viral, Musk is not that familiar with DogWiFiHat, as he can be heard correcting himself while pronouncing "DogWiFiHat". But the mispronunciation isn't enough to stop his statements from having an impact on millions of subscribers, many of whom have historically used his statements as investment advice.
In the past, Musk's support, especially for Dogecoin (DOGE), has led to significant price spikes, and #dogwifhat may be the latest beneficiary of this "Musk effect. ""
To be more recognizable, dogwifhat went low as its price movement reflected what was happening in the broader #cryptocurrency market. However, after Musk's statement, WIF soon began to rise in value, defying the overall bearish trend of the market.
Undoubtedly, this case further reinforces the fact that Musk has unprecedented influence in the cryptocurrency space. It is also the first time a billionaire has publicly recognized a different #meme coin than #DOGE .
After the video surfaced, analysts pointed to a significant spike in WIF trading volume. This surge suggests that new investors, perhaps motivated by suspicions of Musk's endorsement, are now working on the coin. Additionally, the coin meme sector is not new in terms of volatility, which is often driven by social media hype or celebrity influence.
While the long-term prospects and origins of Dogwifhat remain unclear, the direct impact of Musk's mention is undeniable. Similar price rises have been seen in the past, when Musk's comments triggered the meteoric rise of other meme coins. But history also shows that such spikes can be short-lived.
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