As the cryptocurrency market continues to grow, its assets have often demonstrated the effect of outside factors, like social media posts by famous individuals, on their prices, with one of the most influential figures in the sector being Tesla (NASDAQ: TSLA) CEO Elon Musk.
Indeed, in the most recent such development, 20 hours after Elon Musk shared an X post wishing his followers a happy St. Patrick’s Day, featuring an image of three dogs wearing hats, the price of dogwifhat (WIF), a dog-themed crypto asset launched on the Solana (SOL) chain, has skyrocketed by nearly 30%.
pic.twitter.com/ISL9LJboSF
— Elon Musk (@elonmusk) March 17, 2024Specifically, dogwifhat has raced from $2.5409 to $3.23 since Musk’s post on social platform X, reflecting the power that he has on digital assets that the crypto community perceives as bullish hints, previously demonstrated with his posts seemingly referring to Dogecoin (DOGE) or Bitcoin (BTC).
Dogwifhat 24-hour price chart. Source: CoinMarketCap
dogwifhat price prediction
It is also worth noting that advanced artificial intelligence (AI) and machine learning algorithms have set the price of dogwifhat at $5.10 by the end of March, suggesting an increase of around 57.90% from its current price at the time of publication.
dogwifhat price prediction 1-month chart. Source: CoinCodex
Ultimately, WIF could continue its bullish rally, provided it retains the momentum sparked by Musk’s social media activity, as well as substantiated by the overall frenzy surrounding meme coins on the Solana blockchain, as well as meme assets in the crypto market in general.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
