In a latest video that has quickly 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 comment, reportedly made throughout a livestream, has despatched ripples by means of the crypto neighborhood. Moreover, it propelled the WIF value 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 hypothesis and pleasure amongst his tens of millions of followers. Known for his influential presence within the cryptocurrency world, Musk’s previous endorsements, significantly of Dogecoin (DOGE), have led to important market actions.
Dogecoin, one other dog-themed cryptocurrency, noticed substantial beneficial properties and mainstream consideration after Musk’s quite a few tweets and public endorsements. Moreover, the billionaire has continued to show his religion in the way forward for DOGE, the King of meme cash.
Meanwhile, Dogwifhat (WIF), a meme coin launched on the Solana blockchain, was within the crimson earlier than Musk’s point out. The coin, leveraging the favored dog-themed meme tradition within the crypto area, noticed a right away value rally publish the video’s dissemination. This surge occurred regardless of the present bearish development within the broader cryptocurrency market, highlighting Musk’s unparalleled affect.
WIF Price Rally
Market analysts famous a major uptick in buying and selling quantity for WIF following the video. Moreover, new traders are more likely to leap in as a result of perceived endorsement by Musk. The meme coin sector has traditionally proven volatility, usually pushed by social media hype and endorsements from high-profile people.
While the precise origins of Dogwifhat and its long-term viability stay unsure, the instant aftermath of Musk’s point out is obvious. The value surge is paying homage to related occasions previously, the place Musk’s feedback have led to speedy. However, the WIF value rally might be short-lived as seen in older traits.
At press time, the Dogwifhat value surged 2.09% to $2.79 on Monday, June 10. Furthermore, the WIF market cap soared to $2.73 billion. Whilst, the buying and selling quantity for the solana meme cash jumped 3.08% to $392.88 million. Moreover, the dog-faced meme coin erased a few of its weekly decline of over 20%.
The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.
