TL;DR
- Musk’s Influence: Dogwifhat’s price surged by nearly 30% following a social media post by Elon Musk, showcasing his significant impact on crypto prices.
- Price Fluctuations: Despite a 10% drop after the initial surge, Dogwifhat has seen a 28% weekly gain and a 574% monthly rally, with AI predictions for further increases.
- Record NFT Sale: A Dogwifhat Ethereum NFT sold for $4.3 million, setting a new record for the most expensive meme NFT sale to date.
Dogwifhat, a dog-themed cryptocurrency launched on the Solana (SOL) chain, has seen a nearly 30% surge in its price. This significant increase came about 20 hours after Elon Musk shared a post on social media platform X, wishing his followers a happy St. Patrick’s Day and featuring an image of three dogs wearing hats.
— Elon Musk (@elonmusk) March 17, 2024
The price of Dogwifhat raced from $2.54 to $3.23 following Musk’s post, reflecting the influential power that Musk holds over digital assets. This is not the first time Musk’s social media activity has caused ripples in the crypto community. His updates are frequently interpreted as positive indicators, as evidenced by his previous posts that appeared to reference Dogecoin (DOGE) or Bitcoin (BTC).
The current price of Dogwifhat coin reflects a 10% drop since Musk’s original post, a 28% gain across the previous seven days, and a whopping 574% rally in terms of its monthly advances. Advanced artificial intelligence (AI) and machine learning algorithms have predicted the price of Dogwifhat to reach $5.10 by the end of March, suggesting an increase of around 57.90% from its current price.
Dogwifhat’s Market Rally: Analyzing the Elon Effect
According to data from CoinMarketCap, at the time of writing, Dogwifhat is trading at $2.68. This is also supported by the widespread excitement around meme coins on the Solana blockchain, along with meme assets in the broader cryptocurrency market.
In related news, a Dogwifhat Ethereum NFT recently sold for $4.3 million, making it the most expensive meme NFT sale of all time. This sale surpassed the previous record held by the original Doge NFT, which sold for a sum then worth $4.234 million.
As the cryptocurrency market expands, it’s often observed that its assets are influenced by external elements, such as social media posts by prominent figures, impacting their prices. With influential figures like Elon Musk playing a significant role in this sector, the future of Dogwifhat and other similar crypto assets remains a fascinating topic of discussion.
