What is Dogwifhat (WIF)?
Backed by a community that appreciates the coin’s charm and humor, WIF has surpassed even well-known memecoins like Shiba Inu (SHIB) and Pepe (PEPE) in trading volume.
Launched in Nov. 2023, Dogwifhat (WIF) is a Solana-based memecoin presenting the image of a Shiba Inu dog wearing a pink knitted hat. Rather than positioning itself as a symbol of progress or a vision for the future, WIF keeps it simple, embracing its meme identity without any grand aspirations. Even the ticker “WIF” misspells “with” in typical meme form, highlighting the coin’s playful nature.
As a memecoin, WIF has no ambitious objectives or use cases; it just embraces the humorous, eccentric image of literally a dog with a hat. With a fixed supply of around 998.9 million tokens, WIF has no staking or burning mechanisms. Its value is derived entirely from communal sentiment and speculative activity, leading to significant price fluctuations.
Online hype, social media trends, sense of community, celebrity endorsements and speculation may result in a dramatic surge in memecoin prices. Unlike traditional assets, the value of memecoins doesn’t depend on fundamentals, making these price spikes unpredictable.
What makes Dogwifhat different from other memecoins?
While decentralization should ideally be a fundamental aspect of all blockchain projects, there are few projects, let alone memecoins, that are decentralized in real terms.
Governance and structure of Dogwifhat align with the principles of decentralization. No single individual or entity holds control in Dogwifhat as the ownership has fully transferred to the WIF holders. This removes any chance of influence from the coin’s creator(s).
In addition to Dogwifhat, another memecoin, Floki Inu (FLOKI), has been buzzing around lately. Both have captivated the attention of crypto enthusiasts and memecoin lovers with their unique identities, but each is charting its own path with different strategies and communities. Let’s look at how these two contenders in the memecoin arena compare.
Did you know? The WIF token’s presale was limited to just 29 individuals, who received 18% of the total supply. Each participant paid 0.6 SOL per wallet, resulting in significant airdrops for these early investors.
Tokenomics of Dogwifhat
Dogwifhat's tokenomics model establishes it as a decentralized cryptocurrency, where the community of token owners collectively governs the coin's future.
Dogwifhat used the Shiba Inu mascot to get traction with memecoin enthusiasts. It acquired a sizable fan base, generally drawn in by its lively atmosphere and emphasis on community. Shortly after, its value surged, demonstrating the unpredictable nature of memecoins. On Nov. 12, 2024, Dogwifhat had a market cap of $ 3.16B USD.
Dogwifhat has a fixed supply of 998.9 million tokens and the entire supply is in circulation. When it comes to tokenomics, Dogwifhat operates on three core principles — no mining, no minting and a fixed supply. The token’s value is driven by market speculation. Positive sentiment in the altcoin community is the only factor.
Information regarding founders, team and developers of Dogwifhat isn’t available as they have chosen to remain anonymous.
Did you know? DEX aggregator data reveals that between 40,000 and 50,000 new crypto tokens are created daily, with peaks of 100,000 during periods of intense hype. Solana leads the pack with 17,000 to 20,000 new tokens daily.
Is Dogwifhat suitable for investing? An overview
While Dogwifhat has experienced significant growth since its inception, you should consider the inherent risks associated with memecoins. Despite recent successes and positive endorsements, you can never be sure that this upward trend will continue.
Like other cryptocurrencies, Dogwifhat is susceptible to unexpected price fluctuations. Memecoins are speculative, making it difficult to predict future price movements. Moreover, as the crypto market is constantly evolving, new regulations and market trends could impact the long-term viability of Dogwifhat.
Given the relatively young age and small market capitalization of Dogwifhat, even the usual market events, such as large-scale buying or selling, may cause substantial price swings. The lack of underlying utility magnifies Dogwifhat's risk profile.
You should conduct thorough research and carefully consider the risks involved before investing in Dogwifhat or any memecoin.
How to buy Dogwifhat
You can buy Dogwifhat on exchanges like Binance. Before purchasing WIF coins on an exchange, investigate the exchange’s reputation and take into account the risks involved.
Step 1: Create an account: Create an account on an exchange that supports WIF. You may need to share the required details, such as your phone number, email address and identity documents as part of the KYC process.
Step 2: Fund your account: Transfer money into your exchange account via bank transfers or credit/debit cards.
Step 3: Buy WIF: Go to the buy section of the exchange and select WIF as the cryptocurrency you wish to buy. Use the money in your account to buy WIF.
Step 4: Transfer WIF to wallet (Optional): To keep your WIF more securely, move your tokens to a personal cryptocurrency wallet.
Step 5: Verify and confirm: Carefully review the details of your order to verify the purchase. Before confirming the transaction, make sure all the information is accurate.
Did you know? The rapid creation of memecoins continues, with an average lifespan of just 1.3 hours. Solana is the most active platform for launching new tokens. Pump.fun is a decentralized platform on the Solana blockchain that enables you to create memecoins with ease.
How to store Dogwifhat
Choose a wallet that suits your needs and is compatible with WIF. For frequent traders, a hot wallet may be a viable option as it is easily accessible. For long-term storage, a hardware wallet may be more secure as hackers cannot access it once it is disconnected.
A software wallet is a digital tool that can securely store, send and receive WIF. It offers convenience when it comes to daily transactions or smaller amounts, as it is easily accessible and user-friendly. Phantom, Trust and Solflare are a few examples of software wallets compatible with Dogwifhat.
Hardware wallets are gadgets where you can safely store Dogwifhat cryptocurrency offline. These wallets offer strong defense against online threats and hackers. Ledger and SafePal offer WIF-compatible wallets.
