Although he could not say it right at first, Elon Musk admitted that he knew about the Dogwifhat coin, a meme coin on the Solana blockchain. In his comments, Musk called it “Dog-WiFi-hat” on live revealing that even a tech giant like him can also fall into the traps of crypto memes.
Musk’s Slip-Up Puts Light on Solana Meme Coin
A few months ago, a popular meme coin in circulation was the wif coin which is symbolized by WIF. Its popularity soared due to its humorous branding. Nevertheless, its value and attention have recently decreased just like a lot of other meme tokens. After Musk recently commented on this, there was a brief return of the token to news headlines leading to slight market movement. Nonetheless, this was not material and WIF is not displaying any investor interest.
Musk & His Impact On The Crypto World
It is well-known that Musk has a huge influence on the cryptocurrency market. His tweets and statements have previously led to spikes in prices for assets such as Dogecoin and Bitcoin. Even when his endorsements are laced with humor that is what investors often act upon promptly. Previously, there have been no mentions of smaller meme coins by Musk and his focus has primarily been on meme industry leaders such as Dogecoin and Shiba Inu.
Scope Of Solana
One can always exploit technological advantages with meme tokens. However, volatility issues that often follow such occurrences must be borne in mind despite the initial excitement that greeted Musk’s declaration. Meme tokens are particularly subject to sudden price changes occasioned by speculative trading as well as social media frenzy.
The Solana meme coin is gaining popularity over time even though it is not having an easy time right now. Most of its meme coin industry is made of tokens released by such people as Iggy Azalea who is famous. However, these coins are not as profitable as compared to Bitcoins or Ethereum.
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