After Elon Musk posted again on St. Patrick's Day, the price of WIF surged，Elon Musk is indeed the superhero of meme coins

Dogwifhat (WIF) experienced a significant surge of over 40% last Sunday, coinciding with a post by Elon Musk, the owner of the social media platform X. This surge marked a recovery for the novel memecoin, bouncing from support at $2.06 to reach $3.15 by the day's close.

In his St. Patrick's Day post, Musk shared a photo featuring three dogs, each wearing a hat. The resemblance of this post to Dogwifhat's logo and description, which depicts a "Dog With Hat," is striking. Musk's indirect style of showing support for memecoins is consistent with such posts.

Musk's St. Patrick's Day Post Spurs Recovery for WIF and Memecoins: Bullish Momentum Returns After Weekend Loss

Musk's St. Patrick's Day post sparked a recovery for WIF, with the meme coin regaining over two-thirds of its weekend loss. This move appears to have reversed the market sentiment, with a bullish candle indicating a potential reversal from the recent pullback, as observed on TradingView.

The positive effect of WIF's recovery extended to some other memecoins, albeit to a lesser extent. Dogecoin, previously Musk's preferred crypto, saw a rebound of 16%, rallying from $0.136 to $0.159 last Sunday. Similarly, SHIB, the flagship memecoin of the Shiba Inu ecosystem, experienced a 25% rally during the same period, bouncing from $0.00002424 to $0.00003022, according to TradingView data.

Musk's post contained only the image of three dogs wearing hats, without any accompanying write-up. This minimalistic approach did not surprise crypto users familiar with his style, nor did it generate the same level of hype as similar posts in past years. However, the recent surge in WIF's price could potentially continue the rally that has propelled it by 1,181% in the past six weeks.

Elon Musk's Announcement at Tesla Gigafactory Sparks Dogecoin Surge: Expresses Willingness to Accept DOGE as Payment

On the 13th, Elon Musk's announcement at the Tesla Gigafactory in Berlin caused a surge in the value of Dogecoin. During an interaction with the audience, Musk expressed willingness to accept Dogecoin as a payment method for Tesla vehicles. Responding to a question from the audience, Musk said, "At some point, I think we should allow Dogecoin payment. You can already buy Tesla merchandise with Dogecoin, which is cool, so... Dogecoin to the moon!"

Musk's Endorsement Sparks 15% Surge in Dogecoin Value, Tesla's Potential Acceptance in Line with Previous Announcements

Following Musk's endorsement, Dogecoin's value experienced a significant surge, rising from approximately $0.166 earlier in the day to $0.19289 within two hours, marking a gain of over 15%. Presently, it is trading at $0.18608, reflecting a 7% increase in the past 24 hours.

Historically, Musk's posts on X have triggered parabolic rallies for memecoins. Notably, his posts about Dogecoin during the last bull run led to the memecoin's remarkable rise to fame.