Elon Musk mentions this Solana Meme coin for the first time

Elon Musk mentions this Solana Meme coin for the first time

Although he couldn’t pronounce it correctly the first time, Elon Musk confirms that you are aware of Dogwifhat, the meme token launched on the Solana network. Musk referred to it as “Dog-WiFi-hat” during the broadcast, proving that not even the tech mogul is immune to the crypto meme’s quirks.

Although he couldn’t pronounce it correctly the first time, Elon Musk confirms that you are aware of Dogwifhat, the meme token launched on the Solana network. Musk referred to it as “Dog-WiFi-hat” during the broadcast, proving that not even the tech mogul is immune to the crypto meme’s quirks.

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

But recently its value and attention had declined, as have those of many meme tokens. The token briefly appeared in the news again after Musk’s recent comment, which sparked some movement in the market. However, it was not significant and WIF is not showing any signs of investors getting involved in it.

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It is well known that Musk has a significant impact on the cryptocurrency market. Previous price spikes for assets like Dogecoin and Bitcoin were sparked by his tweets and comments.

Even when he offers humorous spins on his endorsements, investors often respond quickly. Previously, Musk didn’t really mention any smaller meme coins and mainly stuck to meme industry giants like Dogecoin and Shiba Inu.

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Meme tokens can always take advantage of technological benefits. Although Musk’s comment was met with initial enthusiasm, it is important to keep in mind the volatility that often follows such events. Meme tokens are especially vulnerable to sudden fluctuations in value, caused by speculative trading and social media hype.

Solana is currently going through a difficult period and its meme coin industry is mainly driven by tokens launched by celebrities like Iggy Azalea. Unfortunately, the profitability of those tokens is far from the levels of suitable digital assets like Bitcoin or Ethereum.

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