The price of Dogwifhat (WIF), a Solana-based meme coin, increased sharply on Monday after the purchase of the original picture that inspired the token.
Solana meme coin Dogwifhat’s photo was purchased by web3 pioneer Global Coin Research as an NFT. GCR’s purchase likely catalyzed a rally in WIF, with prices increasing 60% on Monday. Elon Musk’s recent post on X is considered another driver of Dogwifhat gains. The price of Dogwifhat , a Solana-based meme coin, increased sharply on Monday after the purchase of the original picture that inspired the token. The acquisition, for which web3 pioneer Global Coin Research paid $4.
The Solana-based meme coin’s gains can likely be attributed to two catalysts: Elon Musk’s recent tweet on X – a picture of dogs wearing hats – and GCR’s purchase of the Dogwifhat meme’s picture as an NFT. Musk is popular in the crypto community as a self-proclaimed “Dogefather” and a known proponent of meme coins. Dogwifhat’s logo is a picture of a dog wearing a hat, quite literally this ignited a rally in the meme coin, when market participants interpreted Musk’s recent tweet: pic.twitter.
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