HomeNewsElon Musk's Dog in Hat Photo Drives DogWifHat Token to 30% Surge...

Elon Musk’s Dog in Hat Photo Drives DogWifHat Token to 30% Surge – Details

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  • Elon Musk’s X post featuring a dog in a hat led to a 30% surge in Dogwifhat (WIF) value.
  • Predictions suggest WIF could reach $9 by April 2024, despite potential volatility.

Elon Musk, the renowned CEO of SpaceX and Tesla, recently caused an uproar in the cryptocurrency world with a simple post on X, seems to be touching on the new meme coin that is currently hot.

A picture of a dog wearing an ‘odd hat’ caused watchers and cryptocurrency experts to speculate widely, raising the possibility that Musk was endorsing Dogwifhat (WIF), a new meme coin.

WIF Whirlwind Surge: Musk’s Unintended Endorsement?

Musk unintentionally gave rise to suspicions that he was supporting Dogwifhat with his post, which was purportedly a joyful St. Patrick’s Day welcome with his dogs wearing silly hats.

No wonder, this assumption alone was enough to drive WIF’s value up 30% in just one day, demonstrating the cryptocurrency market’s vulnerability to influencer signals.

what’s interesting is, the instant response from the crypto community demonstrated how quick-witted and speculative they are. Financial sites like CoinMarketcap and CoinCodex saw significant increases in WIF’s value, with the latter showing more than a 25% increase after Musk’s post.

At the time of writing, the price of WIF has rose 32.25% in the last 24 hours, reaching a price of $3.19. This represents an increase of 47.34% over the past 7 days.

Forecasts in the Face of Uncertainties

In the midst of the craze, Elon Musk has not stated clearly that he supports Dogwifhat directly, therefore, the community is waiting.

However, the uncertainty surrounding WIF hasn’t dimmed the enthusiasm, with market analysts and CoinCodex’s algorithmic projections pointing to a promising future. According to some audacious predictions, the meme currency might reach an astounding $9 by April 2024.

However, a warning highlighting the possibility of a significant 227.96% decrease in the coming month and an anticipated adjustment to $9.85 by mid-April is attached to these estimates, highlighting the speculative and unpredictable character of cryptocurrency investments.

Previously, Arthur Hayes expressed a bullish stance on Dogwifhat (WIF), forecasting a $10 target price amid a 40% rally and a broader surge in meme coin popularity, as previously reported by ETHNews.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628