Dogwifat WIF/USDa meme coin running on the Solana SOL/USD blockchain, saw its value increase by 32%, leaving its rivals behind Dogemoneta DOGE/USD AND Shiba Inu SHIB/USD.
What happened: Dogwifhat’s price surge occurred shortly after the tech billionaire Elon Musk he tweeted a picture of his dog dressed in a Saint Patrick Day hat.
St. Patrick’s Day is a cultural and religious holiday celebrated on March 17, commemorating St. Patrick, the patron saint of Ireland. Wearing green hats and other clothing is a symbol of the occasion, representing 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 material depicting dogs wearing hats, similar to the image tweeted by Musk, which included a Shiba Inu dog among the three hat-wearing canines shown.
This comes alongside a surge in meme coin trading activity on the Solana network. Data provided by DefilLama showed the volume of decentralized exchanges (DEX) on Solana SOL/USD on Saturday it reached a record $3.802 billion.
Specifically, WIF reached a trading volume of over $568 million in 24 hours, surpassing it BONK BONK/USDanother dog-themed token, which recorded $359 million in the same period.
See more: Dogecoin HODLERS Are Beating Shiba Inu With 57% Profits, IntoTheBlock Data Reveals
Because matter: Last week, a cryptocurrency trader started making profits from his investment in Dogwifhat.
By selling 25% of his holdings in Dogwifhat at an average price of $2.95, the trader raised $1.65 million. This transaction represented approximately 85% of the individual’s total net worth. “Wait as long as I can for as long as I can tolerate.”
Price Action: At the time of writing, WIF’s price was $2.93, up 32% over the past 24 hours, according to Benzinga Pro.
Read next: Here’s how much you should invest in Shiba Inu today for a $1 million payday if SHIB hits 1 cent?