WIF price rallies 60% as Dogwifhat’s photo sells as NFT for $4.3 million
- 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 (WIF), 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 (GCR) paid $4.3 million worth of Ether, comes along Elon Musk’s recent post on X about the meme coin. Both elements have propelled the meme coin’s market capitalization to around $3.21 billion, according to CoinGecko data.
Also read: WIF price hits all-time high, defying crypto market decline and Bitcoin price crash
Elon Musk’s tweet, NFT purchase likely catalyze WIF price gains
WIF price climbed 60% on Monday on Binance. 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:
— Elon Musk (@elonmusk) March 17, 2024
Dogwifhat’s photo sold as an NFT for $4.3 million on Monday. A crypto influencer behind the handle @AmirOmru claims that the purchase was made by GCR, a Web3 research group.
GCR just bought the $WIF FOR $4.3m!!!
— Amir Ormu (On-Chain Alfa ) (@AmirOrmu) March 18, 2024
Link to the buy: https://t.co/7qQqCddWUf
GCR's new address:https://t.co/nZhJMp2uX5
GCR's OG address that sent funds to the bidder address:https://t.co/gU5J48s1D7 pic.twitter.com/sSRQUSJ9PP
Both events likely fueled Monday’s rally for the meme coin, alongside the capital rotation in the Solana ecosystem.
WIF/USDT 4-hour chart
At the time of writing, WIF price is $3.066 on Binance.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
