Solana's Memecoin Whale Deposited $23 Million in Memecoin to Binance

A memecoin whale in the Solana ecosystem may be selling large amounts of tokens.

In the last two days, a crypto whale deposited 12.66 million Dogwifhat (WIF) tokens worth $23.4 million to Binance. This information shared by Blockchain analysis platform Lookonchain aroused great interest in the cryptocurrency world.

Dogwifhat is a memecoin launched in late 2023 and runs on the Solana blockchain. Founded on Shiba Inu dog memes, this project follows in the footsteps of its pioneers such as Dogecoin (DOGE) and Shiba Inu (SHIB). The symbol of the project is Achi, a real dog of the Shiba Inu breed who wears a pink beret.

Immediately after its launch, Dogwifhat gained immense popularity among memecoin traders. In March 2024, it surpassed PEPE to become the third largest memecoin in terms of market value. The WIF token, which has a total supply of 998.9 million, is traded solely for speculative value, without any staking or burning mechanism.

The project defines itself simply but effectively with the slogan “literally just a dog wearing a hat.” The Dogwifhat community is organizing various initiatives around the project. For example, over $700,000 was raised for advertising at the Las Vegas Sphere in March 2024.

Dogwifhat's success has inspired other memecoin projects. For example, a similar project called catwifhat has been launched.