Price: $0.40040 4.0079%
Market Cap: 58.82B 1.786%
Volume (24h): 12.33B 0.4%
Dominance: 1.786%
Price: $0.40040 4.0079%
Market Cap: 58.82B 1.786%
Volume (24h): 12.33B 0.4%
Dominance: 1.786% 1.786%
  • Price: $0.40040 4.0079%
  • Market Cap: 58.82B 1.786%
  • Volume (24h): 12.33B 0.4%
  • Dominance: 1.786% 1.786%
  • Price: $0.40040 4.0079%
Home > Information news > Elon Musk’s Social Media Influence Skyrockets New Meme Coin Value

Elon Musk’s Social Media Influence Skyrockets New Meme Coin Value

Release: 2024/03/18 20:26 Reading: 776

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/65f82a48b9c76a09278ce21e

You can also read this news on COINTURK NEWS: Elon Musk’s Social Media Influence Skyrockets New Meme Coin Value

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.

The post first appeared on COINTURK NEWS: Elon Musk’s Social Media Influence Skyrockets New Meme Coin Value

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.