WIF exchange rate rose by 48% after the publication of Elon Musk's picture with dogs in hats

Earlier, the businessman’s publications repeatedly led to an increase in the exchange rates of coins using a Shiba Inu as a mascot

18.03.2024 - 12:50

107

3 min

What’s new? Over the past 24 hours, the rate of the “dog” meme token Dogwifhat (WIF) based on the Solana blockchain rose by 48%. This happened after Elon Musk posted a picture of dogs in hats on his X-account, timed to coincide with St. Patrick’s Day. The WIF mascot is a Shiba Inu breed dog wearing a knitted hat.

Source: Twitter.com

What else is known? WIF, launched last November, is a fully decentralized project and is community-driven. It is the largest Solana-based meme coin by capitalization, ranking fourth in the overall ranking of similar assets with over $3,1 billion.

Back at the end of last month, Santiment analysts named WIF as one of the main beneficiaries of the BTC rate growth, as investors started redirecting their profits from investments in the first cryptocurrency into it.

On March 5, the largest crypto exchange Binance listed WIF, on the background of the announcement its rate momentarily jumped by 38%. Later, WIF community members raised over $696 000 to advertise the project at the famous high-tech entertainment arena MSG Sphere in Las Vegas. Since the beginning of the year, the asset’s rate has risen by 167%.

Meme tokens on Solana raised $100 million in three days during the presale

SOL has risen to the fourth place in the ranking of cryptocurrencies by market capitalization

Musk and meme tokens. Previously, Musk’s publications have repeatedly led to the growth of other meme tokens, which also use a Shiba Inu dog as a mascot. The largest and oldest such token is DOGE, which the businessman mentioned many times in his X-account: for example, he urged McDonald’s to accept payments in Dogecoin and offered subscribers to pay for a visit to X headquarters with DOGE coins.

The businessman was later sued for insider trading in DOGE.

Another “dog” meme coin, FLOKI, was actually created after Musk said he wanted to get a Shiba Inu and name it Floki. Later, Musk did indeed get a dog with this name, and the FLOKI rate showed growth when the businessman published a picture of the pet in X.

Author: