Elon Musk Has Heard Of Dogwifhat, Trader Sees WIF As 'Incredibly Incredibly Oversold Here'

Dogwifhat WIF/USD continues to elicit bullish price predictions from traders, as Elon Musk mentioned being familiar with the coin.

What Happened: Elon Musk in a recent livestream mentioned that "I've heard of Dogwifhat, dog with hat." The live stream was from a testing session of game streaming capabilities of the platform X and Starlink. The post attracted a lot of bullish comments along the lines of “hat stays on.”

A pseudonymous crypto trader shared his thoughts on Dogwifhat, emphasizing that the token is "incredibly incredibly oversold" and that the lows should hold.

He added that the negative sentiment is misleading, especially given the events of the past few weeks, which led to overselling and a subsequent strong recovery.

The trader noted that the recent low liquidity weekend selling affected all altcoins, not just Dogwifhat. In his opinion, the current situation is the "proper flush" that the market needs.

He concluded by stating that expecting WIF to drop below $2 is unrealistic, unless there is a significant downturn in Bitcoin’s price.

Last week, another trader had indicated a potential swing-long setup, with the current price being a buying opportunity.

Also Read: ‘Shiba Inu Killer’ Dogwifhat Is A ‘Swing Long Setup,’ Says Trader: ‘Next Stop $8’

Why It Matters: While Elon Musk is considered a promoter of the meme coin leader Dogecoin, his mention of Dogwifhat may lead to bullish momentum.

The trader’s insights adds a layer of optimism for WIF investors, suggesting that the current market conditions are part of a larger consolidation phase rather than a sign of distribution or weakness.

Price Action: In the past 24 hours, WIF is down 1.8%, taking its seven-day losses to 21.4%.

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Star Trader Points Out Four Key Factors Of Successful Meme Coins: Dogecoin, Dogwifhat, Michi Are ‘Relatable Memes’

Image created using artificial intelligence with Midjourney.