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
To determine the best platforms for purchasing WIF, BeInCrypto conducted thorough evaluations over six months. Criteria included:
• Fee structure
• Platform accessibility
• WIF support
• Security measures
• Regulatory adherence
Here’s why each platform was chosen.
Centralized exchanges (CEX)
Binance:
Binance stands out due to its vast trading volume and early adoption of WIF listings, including spot and futures trading for WIF. Known for substantial liquidity, Binance ensures WIF prices align closely with the broader market.
KuCoin:
KuCoin, recognized for its early WIF listings, operates globally and offers the KuCoin Safety Fund to enhance platform and user security. The exchange also provides transparency through proof-of-reserve publications.
Kraken:
Kraken, an established name in the Bitcoin exchange world, set the standard for transparency with its proof-of-reserves practice. It boasts an array of trading functionalities and a sophisticated trading interface.
Gate.io:
Gate.io caters to retail payments, providing a Visa debit card for shopping. It maintains traditional CEX features like margin trading and loans, blending everyday finance with advanced trading options.
Uphold:
Based in the U.S., Uphold excels in facilitating seamless trades between precious metals and fiat currencies. It supports a diverse range of fiat currencies and metals, including gold and platinum.
Wallets
Trust Wallet:
Trust Wallet is recognized for its straightforward design and robust security measures, making it a prime choice for WIF storage. It stands out for supporting an extensive range of support for access to decentralized apps.
Guarda Wallet:
Guarda Wallet is noted for its flexibility and safety features, accommodating WIF and various other digital assets. Its accessibility across different platforms make it an all-encompassing tool for crypto management.
Gem Wallet:
Gem Wallet provides a multifaceted approach to managing crypto assets, such as executing transfers, engaging in trades, and making purchases. It supports iOS and Android platforms and offers features like private swaps of over 1000 crypto assets.
Solflare:
Solflare allows for the staking of Solana tokens and interacts efficiently with decentralized applications (DApps) on the Solana network, enhancing its utility for users who hold WIF and other Solana-based assets.
Phantom Wallet:
Phantom provides robust security mechanisms, a straightforward way to manage digital assets like WIF, and direct access to Solana’s DApps marketplace.
For a deeper understanding of BeInCrypto’s Verification Methodology, refer to our website.
- Where to buy WIF?
- Uphold
- Binance
- Kraken
- KuCoin
- Gate.io
- How to buy dogwifhat (WIF)
- How to sell dogwifhat (WIF)
- What is dogwifhat (WIF) token?
- How does dogwifhat (WIF) work?
- Dogwifhat (WIF) vs. other cryptocurrencies
- Top wallets to store dogwifhat (WIF)
- Phantom Wallet
- Trust Wallet
- Gem Wallet
- Guarda Wallet
- Solflare Wallet
- Pros and cons of investing in WIF
- Be careful ‘wif’ memecoins
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 memecoins, 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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
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.
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
Trust Wallet
Gem Wallet
Guarda Wallet
Solflare Wallet
Pros and cons of investing in WIF
| Pros | Cons |
|---|---|
| Smaller token supply than many memecoins | Memecoins are extremely volatile |
| Cheap price | Recently 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.
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
Dogwifhat (WIF) is memecoin 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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