Benzinga - Dogwifhat (CRYPTO: WIF), a meme coin running on the Solana (CRYPTO: SOL) blockchain, has seen its value increase by 32%, leaving behind its rivals Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: 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 the Irish tradition, folklore, and the association of green with the Emerald Isle.
pic.twitter.com/ISL9LJboSF— Elon Musk (@elonmusk) March 17, 2024
At the time of writing, DOGE and SHIB were up 3% and 8% respectively.
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 (CRYPTO: SOL) reached a record $3.802 billion on Saturday.
Specifically, WIF reached over $568 million in trading volume within 24 hours, outstripping BONK (CRYPTO: BONK), another dog-themed token, which recorded $359 million during the same period.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: 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."
Price Action: At the time of writing, the price of WIF was $2.93, up 32% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.