Musk Releases Green Hat Shiba Inu Image, Dogecoin Only Rises by 3%, Solana Meme Coin WIF Soars by 30%
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Musk Posts Corgi Picture Again
Dogwifhat (WIF) Soars Nearly 30%
Meme Coins: Trading New, Not Old
Musk Posts Corgi Picture Again
On March 18th, Musk posted a picture of a Corgi wearing a green hat to commemorate St. Patrick’s Day. Unlike in previous years, the price of Dogecoin (DOGE) did not soar. Instead, a new meme coin called WIF, which features a Corgi with a hat as its logo, surged by 30%.
Dogwifhat (WIF) Soars Nearly 30%
WIF reached a new all-time high of $3.54 on the 15th but then retreated to $2.06 (-41.87%) as the broader market pulled back.
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After Musk’s tweet, WIF rose from $2.54 to $3.29 (29.58%) before the deadline, settling around $3.
According to CoinMarketCap, DOGE only rose by 3.5%.
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WIF/USDT|1H
Meme Coins: Trading New, Not Old
Dogecoin (DOGE) experienced hundreds of times growth between 2020 and 2021, largely attributed to the bull market and Musk’s multiple tweets during that period.
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2024 will also be a halving year, similar to 2020 when the price surged. Although Musk recently voiced his support for DOGE again, its price has dropped by nearly 20% after the rapid increase.
Compared to the emergence of elite meme coins, DOGE’s momentum is not as strong as during the previous halving year. However, it still maintains its position as the 9th largest cryptocurrency by market capitalization, while WIF ranks 43rd.
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DOGE/USDT Daily Chart|Source: OKX
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