You can never predict when social media giant X’s owner Elon Musk will make an odd post. One moment he might be hinting at DOGE, the next moment he might post about something else. However, this time his post had a significant impact on the crypto world. A new memecoin called Dogwifhat (WIF) saw an increase of over 40% following Musk’s St. Patrick’s Day celebrations post, which featured a cute photo of three dogs wearing hats.
Dogwifhat (WIF) Price Sees Sharp Increase
This move by Elon Musk was quite significant in reversing the recent downtrend of Dogwifhat. The coin jumped from a support level of $2.06 to $3.15 before the day’s close. Musk’s post was notable for coinciding with Dogwifhat’s logo and the “Hatted Dog” theme.
Elon Musk’s social media posts have been known to trigger parabolic rallies in related memecoins. In the past, his similar posts about the cryptocurrency Dogecoin led to tremendous increases in the coin’s value.
The recovery effect experienced by Dogwifhat also spread to other memecoins. For instance, Dogecoin, a cryptocurrency previously favored by Musk, recovered by 16%, rising from $0.136 to $0.159. Similarly, SHIB, a leading cryptocurrency in the Shiba Inu ecosystem, jumped 25% from $0.00002424 to $0.00003022.
The Intriguing Move in Musk’s Post
An interesting point about Musk’s post was that he only published a picture showing three dogs wearing hats. He did not support it with any text or explanation, which did not surprise the crypto community. However, it did not create the excitement of similar past posts, as the crypto community has grown accustomed to these posts. Nonetheless, the recent rally of Dogwifhat highlighted its impressive performance, showing a rise of 1,181% over the last six weeks.
Elon Musk’s influence in the crypto world is becoming more evident by the day. A single tweet or post can cause significant changes in a coin’s value. However, my advice to investors is not to forget that rapid increases can also lead to rapid declines.
As I write this article, I see that the memecoin Dogwifhat (WIF) is trading at a price of $3.12.
