If you’re keen to jump in on the meme coin hype, this guide demonstrates how to buy WIF in 2024. We also recommend some leading storage options and debate the risks and rewards of purchasing the trending meme coin. Here’s what you need to know.
KEY TAKEAWAYS
➤ To purchase WIF, choose an exchange, create an account, select WIF, and choose a payment method to complete your order.
➤ You can purchase WIF at exchanges like Uphold, Binance, Kraken, KuCoin, and Gate.io.
➤ Dogwifhat is a Solana-based meme coin that uses a Shiba Inu dog with a pink hat as its mascot.
➤ Take caution when investing with meme coins, as they are highly volatile, have short-lived all-time-highs, and rarely recover afterwards.
How to buy dogwifhat (WIF)
Buying WIF is simple. In short, you must:
- Sign up for a compatible exchange and complete KYC requirements if necessary.
- Log in to your account.
- Fund your account.
- Choose WIF to purchase.
- Confirm your order.
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.
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. At this stage, you must fund your account if your balance is empty.
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 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.
3. Confirm withdrawal: Review your sell order to ensure that all information is correct. Similar to buy orders, you can also choose specific order types for sell orders. Below, you can see that you can set trailing stop and take profit orders.
Where to buy WIF?
The first step if you’re looking to buy WIF is to choose a platform that supports the asset. Before we show you how to buy dogwifhat, here’s a quick rundown of BeInCrypto-approved compatible platforms.
When buying any crypto, especially meme coins, make sure to do your homework. The following platforms are safe and secure for transactions — just stick to official links and always have an exit plan before buying.
Uphold
- Enables trading across different types of assets.
- Maintains a strong and trustworthy reputation.
- Located in the U.S., ensuring clear regulatory standards for American clients.
- Simplifies transactions between precious metals and traditional currencies.
- Tends to have higher operational costs compared to alternative platforms.
Binance
- Recognized as the exchange with the highest trading volume.
- Provides futures trading for WIF, in addition to traditional spot trading options.
- Offers substantial liquidity, ensuring prices that align closely with general market rates.
- Beneficial fee structure for users.
- Customer support may be slower during periods of high demand.
- Offers a more limited selection of cryptocurrencies in the U.S. market.
Kraken
- Kraken is known for its sophisticated trading tools and products which are available at relatively low fees.
- It is recognized for its high security standards.
- Offers a wide selection of over 230 cryptocurrencies, including WIF, with more than 130 trading pairs available.
- The service is not accessible in every U.S. state.
- Transactions involving USD are subject to higher fees.
*KuCoin
- The exchange is internationally recognized and accessible in numerous countries.
- It was among the first platforms to list WIF for trading.
- Offers a KuCoin Safety Fund aimed at enhancing platform security and providing advantages to users.
- Demonstrates transparency and security by providing proof-of-reserves.
- The exchange requires users to complete Know Your Customer (KYC) procedures.
Gate.io
- Favored for its Visa debit card option, facilitating retail purchases.
- Features a range of services including margin trading, derivatives, loans, and more.
- Enables flexibility in trading as well as in everyday financial transactions.
- May exhibit lower liquidity in comparison to larger trading platforms.
These platforms were chosen based on a multitude of factors. Some of these include the availability (i.e. how many countries are supported), low fees, variety of supported payment methods, and best features.
Platforms to buy WIF compared
| Platform | Availability | Fees | Payment methods | Best features |
|---|---|---|---|---|
| Uphold | 184+ | 0.25-2.65% | Bank transfer, debit/credit, and 3+ | Convert to fiat and precious metals |
| Binance | 100+ | 0.1% | Crypto and third-party payment processors | Deep liquidity |
| Kraken | 190+ | 0.16%/0.26% (maker/taker) | Apple/Google Pay, Debit/Credit, and 3+ | Trading features |
| *Kucoin | 200+ | 0.1% | Crypto and third-party payment processors | Earn features |
| Gate.io | 100+ | 0.1% | Bank, debit, and credit | Payment services |
What is dogwifhat (WIF) token?
The dogwifhat (WIF) token is a Solana-based meme coin 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.
A few events 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.
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.
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 meme coins? In the current spirit of the Solana meme coin rush, here’s how WIF compares with another trending token: BOOK OF MEME (BOME).
Dogwifhat (WIF) vs. BOOK OF MEME (BOME)
| Features | dogwifhat (WIF) | BOOK OF MEME (BOME) |
|---|---|---|
| Blockchain | Solana | Solana |
| Total supply | $1.5 billion | $404 million |
| Purpose | No utility | Meme storage |
| Mascot | Shiba Inu | Pepe the Frog |
Both BOME and WIF are part of a family of meme coins 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 meme coin chain at this point. Almost all the activity on Solana is meme coin trading. The ETH and Solana volume are basically on par at this point.
Haseeb Qureshi, Managing Partner at Dragonfly: YouTube
In terms of trading volume, WIF is in the top ten for 24-hour decentralized exchange (DEX) trading volume on Solana. 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. Ironically, WIF and BOME do have this quality in common.
Both WIF and BOME had impressive performances in March 2024. Both reached 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.
Top wallets to store dogwifhat (WIF)
Phantom Wallet
| Wallet | Custody | Type | Platform | Open-source |
|---|---|---|---|---|
| Phantom | Non-custodial | Mobile and browser extension | Brave, Chrome, and 4+ | No |
| Trust Wallet | Non-custodial | Mobile and browser extension | Android, iOS, Brave, and 3+ | No |
| Gem Wallet | Non-custodial | Mobile | Android and iOS | Yes |
| Guarda | Non-custodial | Mobile and desktop | Android, iOS, Windows, and 4+ | No |
| Solflare | Non-custodial | Mobile and browser extension | Chrome, Firefox, and 3+ | No |
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.
Trust Wallet
Gem Wallet
Guarda Wallet
Solflare Wallet
The wallets listed above were chosen based on their reputations for security, compatibility with WIF, and ease of use.
Pros and cons of investing in WIF
| Pros | Cons |
|---|---|
| Smaller token supply than many meme coins | Meme coins are extremely volatile |
| Cheap price | Reached all-time high already (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 meme coins 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. Meme coins especially reach a peak, enduring a market downturn, after which they rarely recover to their all-time highs.
Is dogwifhat (WIF) worth investing in?
One positive associated with WIF is that the token has a relatively small circulating supply compared to other meme coins. Many meme coins 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. This is highly unlikely. Ultimately, investing in meme coins should be done with caution. You are more likely to lose money than to take huge profits.
Be careful ‘wif’ meme coins
The Solana meme coin bull run of 2024 has seen some intriguing new meme coins explode onto the scene, including dogwifhat. This asset class is clearly going nowhere. Dogwifhat has no intrinsic utility, no established ecosystem, and 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 meme coins 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.
Disclaimer: This article is for informational purposes only and should not be considered investment advice.
Frequently asked questions
Dogwifhat (WIF) is meme coin on the Solana blockchain. It features a picture of a Shiba Inu dog with a pink wool hat. It was launched in November 2023 and received large scale adoption in March 2024.
The creator of dogwifhat (WIF) remains unknown. It is fully supported by a community of enthusiasts. The token was listed on Radium’s decentralized exchange (DEX) in late 2023.
Dogwifhat (WIF) has no inherent utility. The community around WIF has been very open about this fact. A common quote that you will hear amongst the community is it’s “literally just a dog wif hat.”
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