Dogwifhat (WIF), a meme coin featuring Shiba Inu dogs, skyrocketed a staggering 40% following a St. Patrick’s Day tweet by Elon Musk. The post, showcasing Musk’s dogs sporting green hats, triggered a surge across the meme coin market, with Dogecoin and Shiba Inu (SHIB) also experiencing significant gains.
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— Elon Musk (@elonmusk) March 17, 2024
WIF Leads the Pack
WIF emerged as the biggest winner, clawing back over two-thirds of its weekend losses and surging from $2.06 to $3.15 on Sunday. At the time of writing, WIF remains up over 27% at $3.26. This bullish sentiment extended to other meme coins, with DOGE and SHIB rallying by 16% and 25% respectively.
Shiba Inu Team Joins the Party
The Shiba Inu ecosystem team capitalized on Musk’s massive audience by strategically placing their St. Patrick’s Day message under his post, effectively garnering significant visibility.
Happy St.Patrick from $SHIB pic.twitter.com/LYivDRjjcE
— ๐๐๐๐๐ | SHIB.IO ๐ง๐ผโโ๏ธ (@LucieSHIB) March 17, 2024
Mysterious “D” Coin Sparks Speculation
A detail in Musk’s photo has ignited online sleuths. A bag in the picture appears to contain a coin emblazoned with a large “D,” sparking speculation about a potential Dogecoin connection or something entirely new.
Read Also: Shiba Inu (SHIB) Sees Whale Accumulation Amidst Market Downturn
Dogecoin to the Moon (Maybe by Tesla?)
Musk, known for his influence on the cryptocurrency market, hinted at the possibility of Tesla accepting Dogecoin as payment for vehicles during a recent event in Berlin. This news, along with his signature “Dogecoin to the Moon” quip, fueled a 13% surge in DOGE’s value, pushing it closer to the $0.20 mark.
Note: I am not involved in any crypto projects and will never ask you to buy a coin.
Anyone asking you to buy a token associated with me is running a scam.
— @jason (@Jason) March 17, 2024
Calacanis Coin Cashes In on Meme Magic
In a humorous exchange, Musk playfully suggested investing in a cryptocurrency named after entrepreneur Jason Calacanis, who promptly denied any involvement. However, this lighthearted interaction sparked a buying frenzy for a meme coin on the Solana network bearing Calacanis’ name (JASON), rewarding investors with substantial profits.
The Musk Effect: A Double-Edged Sword
While Elon Musk’s pronouncements can significantly impact the cryptocurrency market, it’s crucial to remember the inherent volatility of meme coins. Investors should approach these assets with caution and conduct thorough research before making any investment decisions.
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