In a viral video on social media platform X, Tesla CEO Elon Musk mentioned the Solana meme coin, Dogwifhat (WIF), causing its price to surge.
This offhand remark, made during a livestream, quickly gained traction and sent ripples through the crypto community. Despite a broader market downturn, Musk’s comment propelled the WIF price upwards.
Elon Musk Sparks Excitement with Dogwifhat Mention
In a recent video that quickly gained attention, Tesla CEO Elon Musk casually mentioned his familiarity with Dogwifhat, a meme coin on the Solana blockchain. Known for his influential presence in the cryptocurrency world, Musk’s past endorsements, particularly of Dogecoin (DOGE), have significantly impacted market movements.
Dogecoin, another popular dog-themed cryptocurrency, experienced substantial gains and widespread attention following Musk’s tweets and endorsements. Musk has consistently shown optimism about DOGE’s future, often referring to it as the leading meme coin.
Before Musk’s mention, Dogwifhat was struggling in the market. However, Musk’s comment sparked speculation and excitement among his followers, leading to an immediate price rally for WIF despite the broader bearish trend in cryptocurrencies. This event underscores Musk’s unparalleled influence in the crypto space.
Interestingly, this is the first time Musk has publicly acknowledged a meme coin other than Dogecoin. His preference for DOGE over Shiba Inu (SHIB), the second-largest meme cryptocurrency, has been well-documented in the past. Therefore, Musk’s mention of Dogwifhat has come as a surprise to many observers.
Elon Musk’s Influence on Dogwifhat Market Dynamics
Market analysts have observed a significant increase in trading volume for WIF following Elon Musk’s mention in the video. This perceived endorsement by Musk is likely to attract new investors, highlighting the volatility of the meme coin sector driven by social media hype and endorsements from prominent figures.
The origins and long-term prospects of Dogwifhat remain uncertain, but the immediate impact of Musk’s mention is evident. Similar to past events, Musk’s comments have historically triggered rapid price movements in cryptocurrencies, although these rallies can often be short-lived.
As of Monday, June 10, the price of Dogwifhat surged by 2.09% to reach $2.79. Additionally, the WIF market cap soared to $2.73 billion, accompanied by a 3.08% increase in trading volume for Solana-based meme coins, totaling $392.88 million. Despite this positive movement, the meme coin has also begun to recover from a weekly decline of over 20%.
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