A recent video featuring Tesla CEO Elon Musk has stirred up excitement on social media platform X, as Musk mentions the newly launched Solana-based meme coin, Dogwifhat (WIF).
In the video, Musk casually references knowing about Dogwifhat, sparking speculation and enthusiasm among his followers. Known for his influence in the crypto world, Musk’s past endorsements, particularly of Dogecoin (DOGE), have had significant impacts on market movements.
Dogwifhat, a meme coin on the Solana blockchain, experienced a surge in price following Musk’s mention, despite being in a downturn before. This unexpected endorsement from Musk, who has previously expressed preference for DOGE over other meme cryptos like Shiba Inu (SHIB), has caught many by surprise.
The immediate aftermath of Musk’s mention led to a notable increase in trading volume for WIF, with new investors potentially entering the market based on his perceived endorsement. However, the volatility of meme coins, driven by social media hype and celebrity endorsements, raises questions about the long-term viability of Dogwifhat.
While the exact impact of Musk’s mention on Dogwifhat’s future remains uncertain, the price surge reflects similar past events influenced by Musk’s comments. At the time of writing, Dogwifhat’s price has increased by 2.09% to $2.79, with a market cap of $2.73 billion. Despite a weekly decline, trading volume for Solana meme coins has risen by 3.08% to $392.88 million, indicating ongoing market interest in Dogwifhat and similar assets.
