Tesla CEO Elon Musk, known for his support of Dogecoin, talked about the popular Solana (SOL)-based memecoin Dogwifhat (WIF) during a live broadcast.
Accordingly, while Musk was seen stating that he “knew Dogwifhat” in the video, this led to speculation and excitement among WIF's millions of followers.
Because WIF investors were excited, considering Elon Musk's support for Dogecoin (DOGE) in the past.
Elon Musk has also not mentioned any small memecoins before and focused on Dogecoin.
While this was the first time Musk mentioned a memecoin other than Dogecoin, Tesla CEO announced that he preferred DOGE over Shiba Inu (SHIB), the second largest memecoin.
For this reason, while his words about WIF were met with surprise, the price did not pump as in the DOGE posts. WIF investors did not engage in FOMO.
Although WIF rose slightly following Musk's remarks, the WIF price is trading at $2.68, down a small 0.4% over the past 24 hours.
*This is not investment advice.