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Elon Musk Mentions This Solana Meme Coin for First Time

Mon, 10/06/2024 – 12:22

Cover image via www.youtube.com

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Even though he could not pronounce it correctly the first time, Elon Musk confirms he is aware of Dogwifhat, the meme token launched on the Solana network. Musk referred to it as “Dog-WiFi-hat” during the stream, showing that even the tech mogul is not immune to the quirks of the crypto meme.  

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A few months ago, one of the most popular memes was Dogwifhat, which is represented by the symbol WIF. Thanks to its humorous branding, its popularity skyrocketed. 

But recently its value and attention had decreased, much like that of many meme tokens. The token was briefly back in the news after Musk’s recent comment, which caused some market movement. However, it’s was not significant, and WIF is not showing any signs of investors FOMOing into it.

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It is commonly known that Musk has a significant impact on the cryptocurrency market. Previous price spikes for assets like Dogecoin and Bitcoin have been triggered by his tweets and comments.  

Even when he offers humorous twists to his endorsements, investors frequently respond to them swiftly. Previously, Musk has not really mentioned any smaller meme coins and has mostly stuck to meme industry giants like Dogecoin and Shiba Inu.

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Meme tokens can always take advantage of technological benefits. Even though Musk’s remark was met with initial enthusiasm, it is important to take into account the volatility that frequently follows such events. Meme tokens are especially vulnerable to sudden fluctuations in value, which are caused by speculative trading and social media hype. 

Currently, Solana is going through a tough period, and its meme coin industry is mostly fueled by tokens launched by celebrities like Iggy Azalea. Unfortunately, the profitability of those tokens is far from the levels of proper digital assets like Bitcoin or Ethereum.

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