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How To Buy Dogwifhat (WIF) and Everything Else To Know

10 mins
Fact Checked
by May Woods
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Early Spring 2024 will go down in history as memecoin season, thanks to tokens like dogwifhat (WIF). WIF is yet another page in the tale of Solana-based memecoins, driving the surge in transaction volume on the network. If you’re keen to dive into the hype, this guide demonstrates how to buy WIF. We also recommend some leading storage options and debate the risks and rewards of purchasing the trending memecoin. Here’s what you need to know.

Methodology

Where to buy WIF?

Availability
184+ countries
Fees
0.25-2.65%
Payment methods
Bank transfer, debit/credit, and 3+
Best features
Convert to fiat and precious metals
Availability
100+ countries
Fees
0.1%
Payment methods
Crypto and third-party payment processors
Best feature
Deep liquidity
Availability
190+ countries
Fees
0.16%/0.26% (maker/taker)
Payment methods
Apple/Google Pay, Debit/Credit, and 3+
Best features
Trading features
Availability
200+ countries
Fees
0.1%
Payment methods
Crypto and third-party payment processors
Best features
Earn features
Availability
100+ countries
Fees
0.1%
Payment methods
Bank, debit, and credit
Best feature
Payment services

How to buy dogwifhat (WIF)

1. Sign up for an account: Before you can buy WIF, you will need to find an exchange and sign up for an account. For this demonstration, we will use Uphold. You will need to provide your email address, phone number, government identification, and face scan to sign up.

how to buy wif

2. Login to your account: After you have successfully completed the KYC process, log in to your Uphold account. As you can see, to the left, there is a watch list of popular tokens. To the right, there is a panel for creating transactions. In the middle, there is a section that lists your account balance and transaction history.

how to buy wif step 2

3. Select WIF to purchase: Navigate to the right panel, press “Select destination,” and click on the search box. After you find WIF, go to “Select source” and choose your payment method. You can also choose to set a limit order if you please.

how to buy wif step 3

4. Confirm deposit: Review your order and make sure that all of the information is correct. If everything checks out, select “Confirm deposit” to complete your buy order.

how to buy wif step 4

How to sell dogwifhat (WIF)

1. Select WIF in your portfolio: Open your Uphold account and look at the center panel. Scroll down and select WIF. Notice that clicking on this section allows you to see your cryptocurrency balances and transaction history.

how to sell wif step 1

2. Select your withdrawal method: Press the “Sell” button in the center section. This will direct you to the right panel. Choose a withdrawal method.

how to sell wif step 2

3. Confirm withdrawal: Review your sell order to make sure that all of the information is correct. You can also choose specific order types for sell orders, similar to buy orders. Below, you can see that you can set trailing stop and take profit orders.

how to sell wif step 3

What is dogwifhat (WIF) token?

The dogwifhat (WIF) token is a Solana-based memecoin that features an image of a Shiba Inu dog wearing a pink woolen toboggan. It draws inspiration from a popular internet meme of a dog named Achi with a pink hat.

The token’s origin is somewhat shrouded in mystery, as the creator is unknown. WIF debuted in November 2023 and went on to have a monumental run in early 2024.

wif three month price chart
WIF three-month price chart: CoinGecko

There were a few events that acted as bullish signals for WIF. The token made its debut on the Solana-based Radium decentralized exchange (DEX) in late November 2023. Following its launch, from December 2023 to January 2024, centralized exchanges such as BTSE, Binance, and KuCoin began to list WIF.

how to buy wif timeline
Key WIF events: BeInCrypto

In February, another crypto exchange, MEXC, also listed the token. During these months, WIF’s market capitalization saw a gradual increase from a few million to hundreds of millions of dollars.

Eventually, prominent personalities like Arthur Hayes, Raoul Pal, and Hsaka took notice of WIF on X (previously Twitter) in early March 2024. This arguably brought WIF more attention.

https://twitter.com/HsakaTrades/status/1764095617922437253?s=20

On March 9, 2024, a fundraising campaign featured the WIF meme on the Vegas sphere, achieving full funding by March 13, 2024. The following day, WIF reached a new all-time high, with its market cap surging to approximately $3.4 billion, as per CoinGecko price data.

How does dogwifhat (WIF) work?

The dogwifhat community leans into the fact that the WIF token does not have any utility. It is “literally just a dog wif a hat.”

Dogwifhat (WIF) vs. other cryptocurrencies

How does WIF stack up against its fellow memecoins? In the current spirit of the Solana memecoin rush, here’s how WIF compares with another trending token: Book of Meme (BOME).

Dogwifhat (WIF) vs. Book of Meme (BOME)

Both BOME and WIF are part of a family of memecoins that draw inspiration from popular internet phenomena — Pepe the Frog and the Shiba Inu memes. As alluded to above, both are also hosted on the Solana blockchain.

It’s a memecoin chain at this point. Almost all the activity on Solana is memecoin trading. The ETH and Solana volume are basically on par at this point.

Haseeb Qureshi, Managing Partner at Dragonfly: YouTube
24-hour DEX trading volume on Solana: dexscreener.com
24-hour DEX trading volume on Solana: Dexscreener.com

In terms of trading volume, both are in the top ten for 24-hour decentralized exchange (DEX) trading volume on Solana. However, both coins diverge in terms of utility. WIF, as explained above, has no use case. On the other hand, BOME purports to be a decentralized on-chain archive for memes. It will also integrate meme creation tools, an electronic magazine, and a meme library.

There are plans to store the memes on protocols like Arweave and IPFS and, eventually, in Bitcoin inscriptions. That being said, BOME doesn’t have any actual infrastructure built. It is simply a token as of March 2024. Ironically, WIF and BOME do have this quality in common.

In terms of tokenomics, WIF has a circulating supply of 998,920,173 tokens, while Book of Meme has a circulating supply of 68,999,649,476 BOME. As of March 21, 2024, WIF has a market cap of about $2.2 billion, exceeding BOME’s market cap of about $740 million.

Both WIF and BOME had impressive performances in March 2024, both reaching their all-time highs in market cap within days of each other. BOME topped with a market cap of $1.5 billion on March 16, 2024, and WIF reached $3.4 billion just two days prior.

wif vs bome
WIF vs. BOME market cap: CoinMarketCap

Top wallets to store dogwifhat (WIF)

If you’re looking to buy WIF, you will need somewhere to store the asset. The wallet you choose will depend primarily on your personal requirements — if you’re looking to trade WIF, choose a hot wallet. If you’re betting on long-term value appreciation and are taking a chance on HODLing dogwifhat, a hardware wallet is your safest bet. Here are a few recommended options, all of which support WIF.

Phantom Wallet

Type
Mobile and browser extension
Platform
Brave, Chrome, and 4+
Custody
Non-custodial
Open-source
No
Type
Mobile and browser extension
Platform
Android, iOS, Brave, and 3+
Custody
Non-custodial
Open-source
No
Type
Mobile
Platform
Android and iOS
Custody
Non-custodial
Open-source
Yes

Guarda Wallet

Type
Mobile and desktop
Platform
Android, iOS, Windows, and 4+
Custody
Non-custodial
Open-source
No

Solflare Wallet

Type
Mobile and browser extension
Platform
Chrome, Firefox, and 3+
Custody
Non-custodial
Source
No

Pros and cons of investing in WIF

ProsCons
Smaller token supply than many memecoinsMemecoins are extremely volatile
Cheap priceRecently reached all-time high (March 2024)
Listed on many centralized exchanges
On the Solana blockchain

The pros and cons of investing in WIF can mostly be summed up as the tradeoffs of investing in memecoins in general. This asset class is volatile, and these tokens can suffer from wild swings in valuation. That alone makes them extremely risky.

Outside of this, WIF reached its all-time high in March 2024. This may be considered a bullish signal if it weren’t for the fact that markets tend to correct themselves. Charts don’t go up and to the right forever, and therefore, a correction should be due at some point.

Is dogwifhat (WIF) worth investing in?

One positive associated with WIF is that the token has a relatively small circulating supply compared to other memecoins. Many memecoins tend to have a token supply in the trillions.

This makes each token very cheap, typically fractions of a cent. However, it also gives traders a false notion that if they hold a million tokens, for example, the price may reach $1 — making them millionaires.

As of March 22, 2024, WIF is showing signs of a bullish channel in the short term. The broader cryptocurrency market has recently made a correction after pumping for some time. This could be the reason for WIF’s current dip, or it could be due to a decline in interest in the token itself. That being said, exercise caution before trading WIF.

wif bullish flag
WIF price: CoinMarketCap

Be careful ‘wif’ memecoins

The Solana memecoin bull run of 2024 has seen some intriguing new memecoins explode onto the scene, including dogwifhat. This asset class is clearly going nowhere. Dogwifhat has no intrinsic utility, has no established ecosystem, and has no forthcoming plans for NFTs or additional services. Despite this, the community surrounding WIF embraces its nature as a purely speculative investment.

If you’re keen to buy WIF, keep in mind that making profits on memecoins is possible, but arriving early is often key. Avoid FOMO and beware of the possibility of a pump and dump. Never spend more capital than you can comfortably afford to lose.

Frequently asked questions

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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