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Dogwifhat WIF/USD , a meme coin running on the Solana SOL/USD blockchain, has seen its value increase by 32%, leaving behind its rivals Dogecoin DOGE/USD and Shiba Inu SHIB/USD .
What Happened: The spike in Dogwifhats price occurred shortly after tech billionaire Elon Musk tweeted an image of his dog garbed in a St. Patricks Day hat.
St. Patricks 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.
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 Musks 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 SOL/USD reached a record $3.802 billion on Saturday.
Specifically, WIF reached over $568 million in trading volume within 24 hours, outstripping BONK BONK/USD , 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 individuals 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.
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