Key Takeaways:
- dogwifhat is a meme coin on Solana featuring a Shiba Inu puppy in a pink hat.
- The token quickly became a top meme coin since its launch on 20 November 2023.
- Despite no utility, dogwifhat reached a US$2.9 billion market cap and a 153,196% price increase by 19 March 2024, driven by its vibrant community.
- With a fixed supply and no complex tokenomics, dogwifhat’s value is a true and purely community-driven meme coin.
- dogwifhat is expanding its cultural impact: a shoot-off (catwifhat), a WIF NFT that sold for over 1,200 ETH, and its logo will soon be projected onto the Las Vegas Sphere.
What Is dogwifhat (WIF)?
dogwifhat, a popular meme coin built on the Solana blockchain, launched on 20 November 2023, quickly gaining popularity due to its unique identity — featuring a Shiba Inu puppy wearing a pink hat — and building a thriving community dedicated to its growth.
Despite not having any known utility, WIF has established itself as one of the top-performing meme coins in 2024. On its website, the creator states that it is “literally just a dog wif a hat.”
The WIF token has already outperformed prominent meme coins like Shiba Inu and Pepe Coin in terms of price gains. In mid-March 2024, crypto enthusiasts quick-funded a campaign to have the dogwifhat projected onto the Las Vegas Sphere — and exceeded their funding goal within days.
As of 19 March 2024, it reached a market capitalisation of over US$2.9 billion and surged 153,196% in price.
See dogwifhat’s current price and recent price charts.
How Does dogwifhat Work?
WIF is an SPL token, the standard for fungible tokens on the Solana blockchain. It works similar to the ERC-20 token standard on Ethereum.
While some meme coins offer complex ecosystems with staking and burn mechanisms, dogwifhat keeps its tokenomics true to its simple and easy-to-grasp nature:
- Fixed supply: dogwifhat has a maximum supply of 998.9 million WIF tokens, and its creator states that there are no plans for further token creation. A fixed supply like Bitcoin can potentially contribute to price appreciation if demand rises accordingly.
- No staking, burning, or DeFi: While these features have become common with other dog coins released after DOGE, WIF keeps things simple and offers no ecosystem or utility functions. It is literally just a token.
- Community and price speculation: The value of WIF lies in its community and price appreciation that depends on both community and market sentiment.
What Is dogwifhat’s Purpose? Does It Have Utility?
The short answer is that WIF has no utility, and its creator even states on its website that dogwifhat is “literally just a dog wif a hat.”
For its mission statement, dogwifhat proclaims “WIF isn’t just a cryptocurrency; it’s a symbol of progress, for futuristic transactions, a beacon for those who think ahead. It’s clear that the future belongs to those who embrace innovations like WIF, transcending boundaries & paving a new era in finance and technology.”
WIF holders become part of the ‘wif hat’ community, which has already expanded to further shoot-offs like catwifhat, and can proudly display affiliation by using the official ‘wif hat’ filter coming soon.
WIF NFT Sold for Over 1,210 ETH
The picture of Achi, the Shiba Inu puppy wearing a knitted hat, is at the core of the WIF meme. The owners of Achi, in collaboration with FeistyDAO, released a one-to-one of the original image as an NFT, which sold on 18 March 2024 for 1,210.759 ETH in a live auction, according to the ‘with foundation’.
Why Is WIF So Successful?
The success of meme coins like WIF can be attributed to the viral and engaging nature of meme-based cryptocurrencies. These coins are designed to capture the attention of enthusiastic online communities, often drawing inspiration from characters, individuals, animals, or artwork that can be mimicked — in this case, a picture of a puppy with a hat that kicked off a trend of cats, frogs, and people with the same knitted pink hat.
The appeal of meme coins lies in their light-hearted and fun nature, catering to a wide audience, especially younger retail traders. Additionally, the low cost of entry and potential for substantial gains make meme coins attractive to many, despite their high volatility and speculative nature.
In WIF’s case, opportune timing might have also been at play. The token launched in November 2023, just as the crypto market appeared to be turning bullish again.
In addition, it is similar to the OG meme coin, Dogecoin, in that it is an honest and easy-to-understand meme that does not pretend to be anything other than just that — a token of a dog with a hat. Many traders gravitate towards what they already know and understand, while the dog with a hat offers a fresh take on a popular theme.
How Much Will WIF Be in 2024?
WIF had spectacular price appreciation in early 2024, with an all-time high (ATH) of US$3.49 in March 2024. At the time of writing, WIF trades for US$2.36, up 153,196.01% from its launch price. WIF is listed on several tier-1 crypto exchanges, including Crypto.com, which makes the token very accessible for retail traders. However, no one can say for sure what WIF’s price will be in the future.
Many expect increased engagement with WIF’s projection onto the Las Vegas Sphere. Experts also speculate that the upcoming Bitcoin halving in April 2024 will lift the crypto market as a whole — a phenomenon seen after past halving events. However, meme coins are highly volatile and speculative, and other factors in the macroeconomic environment and crypto space could influence WIF’s price either way.
How to Buy WIF With Crypto.com
Buying WIF with Crypto.com is easy. Many other meme coins, like Dogecoin (DOGE), Pepe (PEPE), and BOOK OF MEME (BOME), are listed with WIF in the Crypto.com App.
You can buy WIF with USD, EUR, GBP, and 20-plus other fiat currencies or trade it for other cryptocurrencies, including BTH, ETH, SOL, USDC, and 250-plus more.
To start buying WIF today, download the Crypto.com App for free in the Apple App Store or Google Play Store. From there, you will be guided to the sign-up process, which takes only a few minutes to complete.
Once registered, you can charge your account via bank transfer, Apple Pay, or credit/debit card payment. While bank transfers might take 1-3 business days to process, Apple Pay and credit card payments are processed within seconds and ready to use for your first WIF buy.
Conclusion — Should You Buy WIF?
dogwifhat is one of the latest canine additions to the highly successful meme coin narrative. Within months, it registered price increases of 3,000% and overtook staples like Dogecoin and Shiba Inu in gains. Its upcoming projection onto the Las Vegas Sphere — courtesy of a crypto community crowdfund — is expected to increase its popularity even further.
However, keep in mind that meme coins are purely speculative assets with no utility. Their highly volatile price depends entirely on popularity. While it is the volatility of meme coins that may attract many to this narrative, as it offers the opportunity for incredible gains, this also means the price can drop just as suddenly.
Due Diligence and Do Your Own Research
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Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it ’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
