- Dogwifhat (WIF) surged over 40% last Sunday, coinciding with a post by Elon Musk.
- Musk shared a photo mimicking Dogwifhat’s logo as a St. Patrick’s Day post.
- WIF dragged other meme coins along, with SHIB surging 25% during the same period
Dogwifhat (WIF) surged over 40% last Sunday, coinciding with a post by Elon Musk, owner of the social media platform X. The novel memecoin staged a recovery from the recent pullback, bouncing off support at $2.06 to reach $3.15 before the close of the day.
In a St. Patrick’s Day post, Musk shared a photo of three dogs, each wearing a hat. The post’s features resemble Dogwifhat’s logo and description, which is a “Dog With Hat.” The post is also consistent with Musk’s indirect style of showing support for memecoins.
In recent history, such posts by the X owner triggered parabolic rallies for the memecoins involved. The most prominent included posts about Dogecoin during the last bull run that led to the memecoin’s astronomical rise to fame.
Musk’s St. Patrick’s Day post triggered a recovery for WIF, with the meme coin regaining over two-thirds of its loss over the weekend. The move appears to reverse the market sentiment with a bullish candle, reflecting a potential reversal from the pullback, as seen on TradingView.
WIF’s recovery effect extended to some other memecoins, though to a lower extent. Dogecoin, Musk’s erstwhile preferred crypto, rebounded by 16%. The dog-themed meme coin rallied from $0.136 to $0.159 last Sunday. Similarly, SHIB, the flagship memecoin of the Shiba Inu ecosystem, bounced from $0.00002424 to $0.00003022, reflecting a 25% rally during the same period, per TradingView data.
Musk posted only the picture containing three hat-wearing dogs and did not follow up with any write-up. That did not surprise crypto users who are already familiar with his style. It did not also generate the kind of hype with similar posts of past years. However, the recent surge could see WIF continue the rally that pushed it up by 1,181% in the past six weeks.
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