Dogwifhat surges after WIF photo sells as NFT

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:

pic.twitter.com/ISL9LJboSF
— 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!!!

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
— Amir Ormu (On-Chain Alfa ) (@AmirOrmu) March 18, 2024

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.

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