The crypto market witnessed a resurgence of memecoin mania this past weekend, fueled by a seemingly innocuous St. Patrick’s Day post by Elon Musk. Dogwifhat (WIF), a novel memecoin featuring a logo that resembles “a dog with a hat,” skyrocketed over 40% on Sunday, March 17th, coinciding with Musk’s social media activity.
The post, which featured a photo of three dogs sporting hats, sent a ripple through the crypto community, particularly those invested in memecoins. Musk, the owner of social media platform X, has a well-documented history of influencing memecoin markets through his social media activity. Notably, his past tweets regarding Dogecoin were credited with propelling the memecoin to astronomical heights during the previous bull run.
This weekend’s post, while lacking any accompanying text, triggered a significant recovery for WIF. The memecoin, which had been experiencing a pullback, managed to recoup over two-thirds of its losses within a day. According to TradingView data, the price action formed a bullish candle, potentially signifying a reversal of the recent downtrend.
Also Read: Dogwifhat (WIF) Up 1520% vs. PEPE’s 51% March Surge – (Bull Run or Bubble?)
The WIF surge wasn’t an isolated incident. While not as dramatic, other memecoins also experienced gains. Dogecoin, often considered Musk’s “favorite” crypto, saw a 16% increase, bouncing from $0.136 to $0.159. Similarly, SHIB, the Shiba Inu ecosystem’s flagship memecoin, rallied by 25%, moving from $0.00002424 to $0.00003022.
This recent surge comes on the heels of a remarkable six-week period for WIF, which has seen its value climb a staggering 1,181%. Whether this weekend’s event marks a continuation of that trend or a temporary blip on the radar remains to be seen.
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