In the latest WIF price analysis, Elon Musk’s mention of Dogwifhat has taken the crypto world by storm. Uncover the impact on DogWifHat price action here.
DogWifHat has been getting hammered in the market, but a nod from Elon Musk could spark a new surge.
In a viral video on X, Musk casually mentioned the Solana-based meme coin, DogWifHat (WIF). That offhand remark during a livestream has lit up the crypto community and sent WIF’s price climbing, despite the market slump.
“I know Dogwifhat,” Musk said, sparking an immediate reaction in the crypto market.
The video captures Musk nonchalantly stating that he “knows Dogwifhat” – and that’s all it needed.
BREAKING NEWS 🚨🚨
Elon Musk has heard of dogwifhat $WIF
pic.twitter.com/3Tp5S7GMnq— rasmr (@rasmr_eth) June 10, 2024
Yet, DogWifHat currently looks like a falling knife, showing no signs of stopping its plunge—a bearish indicator for wary investors.
DogWifHat is The First Meme Elon Has Mentioned Outside of Doge
Musk mentioned a meme coin other than Dogecoin for the first time, catching everyone off guard. Known for his DOGE loyalty, his shoutout to DogWifHat broke the norm.
“Dogwifhat saw an immediate price rally post the video’s dissemination,” 99Bitcoins analysts have noted.
The meme coin sector is known for its volatility, often driven by social media hype and endorsements (even a mention) from high-profile individuals.
At press time, Dogwifhat’s price is slightly up 0.8% on the day to $2.70, with its market cap soaring to $2.73 billion. The trading volume for this Solana meme coin jumped 3.08% to $360 million, erasing some of its weekly decline of over 20%.
DISCOVER: Here’s The Top Solana Meme Coins to Scoop Up For Major Gains in 2024
WIF Price Analysis: Elon Musk Fails to Trigger Dogwifhat Price Rally
DogWifHat is in a nosedive, showing a clear falling knife pattern, with support clinging at $2.60 and $2.50.
If you’re investing now, the best thing to do is watch resistance at $2.80 and $2.90. Meanwhile, the 20-day SMA sits at $2.6865, and the 200-day SMA is at $2.7382, both pointing down.
DogWifHat’s RSI is 40.62 adding to the pressure that it is completely oversold. Elon Musk whispering it can only do so much.
If you want something to look forward to, bollinger Bands, which measure volatility, place WIF near the lower threshold, indicating a possible short-term reversal or hold.
DogWifHat Price Analysis: WIF is the New Top Dog Meme, But This Blockchain Game Could Be Better
DogWifHat may be the top doggy coin on Solana, but PlayDoge might surpass it., This is a new play-to-earn game on Binance that is quickly becoming a GameFi and meme hidden gem.
PlayDoge is a virtual pet game where players earn PLAY tokens by caring for a virtual doge companion and going on adventures. The presale has sold over $1.8 million worth of PLAY tokens with many predicting a 10x surge post-launch.
PlayDoge is Tamagotchi 2.0 on Blockchain
Tamagotchi sold over 82 million devices in the 1990s but lost traction due to technological limitations. With an advanced version, PlayDoge aims to revive the nostalgic charm of the virtual pet concept.
Crypto analysts and influencers are highly bullish on PLAY, with Technopedia analysts forecasting it could become one of the top tokens of the year.
- 2024: It could reach $0.160
- 2030 and beyond: PlayDoge could explode past $0.25
Check out the PlayDoge Presale Here
EXPLORE: VanEck Sees Ethereum Soaring To $22,000 by 2030: Here’s Why
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
