In a video that has taken the social media platform X by storm, Tesla CEO Elon Musk unexpectedly mentioned a newly launched Solana-based meme coin, Dogwifhat (WIF), igniting a price surge amidst a broader market downturn.

Musk's casual statement, "I know Dogwifhat," during a livestream, has sent shockwaves through the crypto community. Known for his influential presence in the cryptocurrency world, particularly with his endorsements of Dogecoin (DOGE), Musk's words have once again proven to be a catalyst for market movements.

The Dogwifhat meme coin, which was previously struggling, saw an immediate price rally following Musk's mention. This surge occurred despite the current bearish trend in the broader cryptocurrency market, highlighting the billionaire's unparalleled influence.

Interestingly, this marks the first time Musk has mentioned a meme coin other than Dogecoin. In the past, the Tesla CEO has strongly affirmed his preference for DOGE over Shiba Inu (SHIB), the second-largest meme crypto, making his latest mention of Dogwifhat all the more surprising.

Market analysts noted a significant increase in trading volume for WIF following the video's release. New investors are likely to join the frenzy due to the perceived endorsement by Musk. The meme coin sector has historically shown volatility, often driven by social media hype and endorsements from high-profile individuals.

At press time, the Dogwifhat price surged 2.09% to $2.79 on Monday, June 10. Furthermore, the WIF market cap soared to $2.73 billion, while the trading volume for the Solana meme coin jumped 3.08% to $392.88 million. The dog-faced meme coin managed to erase some of its weekly decline of over 20%.

While the exact origins of Dogwifhat and its long-term viability remain uncertain, the immediate aftermath of Musk's mention is clear. The price surge is reminiscent of similar events in the past, where Musk's comments have led to rapid market reactions. However, the WIF price rally could be short-lived, as seen in older trends.