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Musk’s New Corgi Picture on Twitter
Dogwifhat (WIF) Surges Nearly 30%
Meme Coins: Chasing the New, Not the Old
Musk’s New Corgi Picture on Twitter
On March 18th, Musk posted a picture of a corgi wearing a green hat to commemorate St. Patrick’s Day.
Unlike previous years, this did not cause a surge in Dogecoin (DOGE), but instead led to a nearly 30% increase in the meme coin WIF, which features a corgi with a hat as its logo.
Dogwifhat (WIF) Surges Nearly 30%
WIF reached a new all-time high of $3.54 on the 15th, but subsequently dropped to $2.06 (-41.87%) as the market pulled back.
After Musk’s tweet, WIF rose from $2.54 to $3.29 (29.58%), and at the time of writing, it was trading around $3.
According to CoinMarketCap, DOGE only saw a 3.5% increase.
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World Frog Day Approaching, Meme Coins PEPE and WIF Reach New Highs
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WIF/USDT|1H
Meme Coins: Chasing the New, Not the Old
Dogecoin (DOGE) experienced hundreds of times growth between 2020 and 2021, largely attributed to the bull market and Musk’s tweets.
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“Doge Coin Storm Unstoppable,” Musk’s Statement Causes Dogecoin to Surge 20% Again
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2024 will also mark the halving event, just like in 2020. Despite Musk’s recent endorsement of DOGE, it has dropped nearly 20% after a sharp rise.
Compared to the emergence of new meme coins, DOGE’s momentum is not as strong as during the previous halving event, but it still maintains its position as the 9th largest cryptocurrency by market capitalization, while WIF ranks 43rd.
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DOGE Surges! Musk: Supports Dogecoin as the People’s Cryptocurrency, Bitcoin is for the Wealthy
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DOGE/USDT Daily Chart|Source: OKX
DOGE
Dogwifhat
Elon Musk
WIF
Further Reading
Musk Loses $56 Billion Compensation Case, Winning Lawyer Requests $6 Billion Tesla Shares as Compensation
US Calls on Musk to Support Taiwan! Open SpaceX Military Network Starshield for US Troops, Response Required in March.