- The spike in Dogwifhat’s price occurred shortly after tech billionaire Elon Musk posted a photo of his dog wearing a St. Patrick’s Day hat.
Dogwifhat (WIF), a meme coin running on the Solana SOL/USD blockchain, has seen its value increase by 32%, leaving behind its rivals Dogecoin DOGE/USD and Shiba Inu SHIB/USD.
— Elon Musk (@elonmusk) March 17, 2024
The spike in Dogwifhat’s price occurred shortly after tech billionaire Elon Musk tweeted an image of his dog garbed in a St. Patrick’s Day hat.
St. Patrick’s Day is a cultural and religious holiday celebrated on March 17, commemorating St. Patrick, the patron saint of Ireland.
Wearing green hats and other attire is a symbol of the occasion, representing Irish tradition, folklore, and the association of green with the Emerald Isle.
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The WIF token features marketing materials depicting dogs wearing hats, similar to Musk’s tweeted image, which included a Shiba Inu dog among the three hatted canines showcased.
This comes with a surge in trading activity for meme coins on the Solana network.
Data provided by DefiLlama showed that decentralized exchange (DEX) volume on Solana SOL/USD reached a record $3.802 billion on Saturday.
Specifically, WIF reached over $568 million in trading volume within 24 hours, outstripping BONK BONK/USD, another dog-themed token, which recorded $359 million during the same period.
Last week, a cryptocurrency trader took to realizing profits from their Dogwifhat investment.
By selling 25% of their Dogwifhat holdings at an average price of $2.95, the trader collected $1.65 million. This transaction accounted for roughly 85% of the individual’s total net worth.
“Hanging on to as much as I can for as long as I can tolerate.”
At the time of writing, the price of WIF was $2.93, up 32% in the last 24 hours, according to Coinstats data.
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