Elon Musk posts a picture of a green cap Shiba Inu, Dogecoin only rises by 3%, while Solana meme token WIF surges by 30%

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Elon Musk Posts Picture of Shiba Inu Again

Elon Musk posted a picture of a Shiba Inu wearing a green hat on March 18 to commemorate St. Patrick's Day.

Unlike in previous years, the dog-themed meme coin DOGE did not see a significant increase this time. Instead, a new meme coin called WIF, with a Shiba Inu with a hat as its iconic logo, surged by 30%.

pic.twitter.com/ISL9LJboSF

— Elon Musk (@elonmusk) March 17, 2024

dogwifhat WIF Surges Nearly 30%

WIF hit a historical high of $3.54 on the 15th, but later dropped to $2.06, a decrease of 41.87%.

Following Musk's post, WIF surged from $2.54 to $3.29, a 29.58% increase, and was trading around $3 before the deadline.

According to CoinMarketCap, DOGE only rose by 3.5%.

With World Frog Day approaching, meme coins PEPE and WIF hit all-time highs

Meme Coins Focus on New, not Old

Dogecoin DOGE saw a hundredfold increase between 2020 and 2021, likely influenced by the halving bull market and Musk's tweets.

"Dogecoin Storm Unstoppable," Musk's Words Propel Dogecoin Up by Another 20%

2024 marks another halving year, similar to 2020. Despite Musk's recent support for DOGE, the coin has dropped nearly 20% after a rapid increase.

While new meme coins are gaining attention, DOGE's momentum from the previous halving year has waned, but it still holds the 9th position in market capitalization, while WIF ranks 43rd.

DOGE Surges! Musk: Supports Dogecoin as People's Cryptocurrency, Bitcoin is for the Wealthy