Dogwifhat (WIF) has become a mainstream cryptocurrency in the recent period. The token has been rising rapidly at a record pace for a long time, setting new price milestones and increasing trading pressure to trade at $2.59.
The token briefly touched the $3 price mark before falling back to the $2.50 to $2.60 price range. However, the token’s popularity has surged among the masses, which is enough to push WIF to new price highs. Elon Musk has now joined the fray, sharing in a recent update that he is aware of the popular SOL token.
Musk and DogWifHat: What’s the connection?
The DogWifHat community went into a frenzy after Tesla CEO Elon Musk recently mentioned that he had heard of a currency called DogWifHat (WIF). Musk shared the news during a live stream on X. Since then, a video clip in which Musk reportedly “admitted” the existence of Dogwifhat has excited the cryptocurrency community.
Musk is known to have a great influence on the cryptocurrency market through his diverse opinions and tweets, so his admission of WIF is considered by some to be a gateway for WIF to increase its price significantly.
Musk is an avid fan of Dogecoin and has supported it on multiple public platforms. His Doge-centric tweets have also had a huge impact on the price outlook of the coin. Likewise, the community is also expecting a significant price increase for WIF as the coin has been officially mentioned by the Tesla CEO himself.
Will WIF become the next Dogecoin?
The WIF community now hopes that Dogwifhat can encompass and embrace the so-called “Musk Effect.”
After Musk acknowledged WIF, Dogwifhat’s price saw a brief surge before the gains tapered off. According to CoinCodex, WIF is expected to see a significant price increase in June. According to CC, by the end of June, WIF’s statistics could show a 200% price increase.
“The price of Dogwifhat is expected to increase by 227.99% to $8.85 by July 11, 2024. The current sentiment is bearish according to our technical indicators, while the Fear & Greed Index shows a reading of 74 (Greed). Dogwifhat has recorded 10/30 (33%) green days in the past 30 days, with a price volatility of 9.88%.
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