- Dogwifat (WIF) soared greater than 40% final Sunday, coinciding with Elon Musk's submit.
- For St. Patrick's Day, Musk shared a photograph imitating the Dogwifat brand.
- WIF drags different meme cash with SHIB surging 25% throughout the identical interval
Dogwifat (WIF) soared greater than 40% final Sunday, coinciding with a submit from social media platform X proprietor Elon Musk. The novelty meme coin rebounded from current losses, bouncing off assist at $2.06 and reaching $3.15 earlier than the shut. that day.
In a St. Patrick's Day submit, Musk shared a photograph of three canines, every sporting a hat. This submit includes a resemblance to the Dogwifhat brand and outline: “Canine in a Hat.” The submit can be according to Musk's oblique fashion of displaying assist for meme cash.
In current historical past, such posts by X house owners have triggered parabolic rises in related meme cash. Probably the most outstanding ones included posts about Dogecoin over the past bull market that led to the meme coin's astronomical rise to fame.
Musk's St. Patrick's Day submit sparked a restoration in WIF, with the meme coin regaining greater than two-thirds of what it misplaced over the weekend. As seen on TradingView, this transfer seems to mirror a doable reversal from a pullback, reversing market sentiment with a bullish candlestick.
The restoration impact of WIF additionally prolonged to a number of different meme cash, albeit to a lesser extent. Dogecoin, Musk's as soon as favored cryptocurrency, has rebounded 16%. The dog-themed meme coin rose from $0.136 to $0.159 final Sunday. Equally, SHIB, the flagship meme coin of the Shiba Inu ecosystem, rebounded from $0.00002424 to $0.00003022, reflecting a 25% improve over the identical interval, based on TradingView knowledge.
Musk solely posted a photograph of three canines sporting hats and didn’t write the rest. For cryptocurrency customers already aware of his fashion, this was no shock. It additionally didn't generate as a lot hype as related posts in previous years. Nonetheless, with the current surge, WIF might proceed its rally, which has gained 1,181% over the previous six weeks.
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