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Memecoins are surging in 2024, with many Solana-based tokens experiencing meteoric rises in price as the bulls finally dictate the crypto market. One example is dogwifhat (WIF), a token derived from the Dogwifhat meme (an image of a dog sporting a woolen hat) that became initially popular on Twitter (X) in late 2019. Here’s what to know about the WIF crypto, from tokenomics to where to buy.

Methodology

Where to buy dogwifhat (WIF)?

Before we dive into the details of the dogwifhat token, we’ve put together a quick list of BeInCrypto-approved platforms that support WIF. Always do your due diligence when buying any crypto, especially if you’re looking to purchase a memecoin. The following platforms support safe and secure purchases — remember to only click on official links and never buy without an exit strategy.

Availability
100+ countries
Fees
0.1%
Payment methods
Crypto and third-party payment processors
Best feature
Deep liquidity
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
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

What is dogwifhat (WIF) token?

Dogwifhat (WIF) is one of the latest tokens to capitalize on the Solana memecoin trend. The token’s mascot is based on a trendy internet meme of a Shiba Inu dog — “wif” a pink hat.

The token has no known creator and had a debut that went somewhat unnoticed. It launched back in late November 2023 on the Solana-based Radium decentralized exchange (DEX), with only a few thousand dollars worth of liquidity.

However, WIF didn’t see its current run of success until early 2024. In late January 2024, both Kucoin and Binance announced support for WIF.

Binance listed WIF for futures trading, while KuCoin listed WIF for spot trading. At the time, WIF had a market cap under $500 million.

what is dogwifhat market cap
Dogwifhat (WIF) market cap: Dexscreener.com

On March 5, 2024, Binance announced it would list spot trading pairs for WIF. This added to its already increasing market cap, going from about $1.50 billion to $2 billion in less than 24 hours.

Not long afterward, WIF caught the attention of prominent figures such as Arthur Hayes, Raoul Pal, Hsaka, and others on X (formerly Twitter). This arguably gave WIF the cosign it needed to further reach its all-time high market capitalization of over $3.35 billion, which it reached not long afterward.

How does dogwifhat (WIF) work?

Dogwifhat has no inherent utility, ecosystem, or plans for NFTs and any other services. It is entirely a speculative asset — and the community is okay with that. This tracks with a growing sentiment from traders that financial assets are trend and narrative-driven more than utility-driven.

dogwifhat website
Dogwifhat: dogwifcoin.org

This is especially true for memecoins, which are typically based on internet memes and have no use-case.

In terms of tokenomics, WIF has a fixed, fully distributed supply of 998,920,173 WIF. There are no plans for burning, staking rewards, or any underlying utility to come.

The market cap sits at $2.5 billion as of March 21, 2024.

There are a few quasi-macro trends that could explain WIF’s rise in popularity.

Firstly, in December 2023, the U.S. Federal Reserve announced interest rate pauses and possible cuts for 2024. Many market participants interpreted this as a sign that inflation is under control in the U.S. and that it’s okay to begin speculating on riskier assets again.

In the face of a weakening U.S. dollar, many investors look for assets that appreciate in value or generate higher returns than the dollar depreciates in value. As a result, speculative assets like stocks ripped higher and higher (although crypto did have a few dips).

Cryptocurrency, known for its volatility, is the highest appreciating asset class in history. Therefore, many investors tend to flock to crypto to retain their purchasing power.

micro trends
Microeconomic trends: TradingView

Bitcoin ETF

Following the approval of Bitcoin ETFs in January 2024, the crypto market has experienced a significant rally. This positive momentum has spilled over to many alternative cryptocurrencies (altcoins), which have witnessed substantial gains, marking new highs and even reaching unprecedented price levels.

This growth caused Bitcoin to reach a new all-time high, hitting $73,737.94 on March 14, 2024.

This upward trend in the broader crypto market has also revived interest in memecoins, attracting investors and traders to this niche sector.

For clarity, many altcoins tend to do well when Bitcoin does well. This contributes to the volatility of crypto like memecoins, with many people chasing yield and gains.

Solana’s memecoin mania

Interest in Solana has waxed and waned at times and for multiple reasons. Due to its affiliation with the now-defunct FTX, many wondered if the chain could survive. That, coupled with Solana’s constant outages, has caused many to criticize Solana.

There is a lot of really solid work being done in the Solana ecosystem, and there are some interesting technical advantages that Solana has, but also some interesting disadvantages that they seem not to really get over. Like, you know, liveness continues to be a problem.

Ryan Zurrer: YouTube

However, early 2024 has proved to be Solana’s comeback season. Projects like Jito, Jupiter, and others revived interest in the blockchain. In particular, memecoins on Solana have benefited tremendously, making the Solana ecosystem one of the most popular subcategories of crypto at the moment in terms of 24-hour volume.

what is dogwifhat solana
Crypto categories by 24-hour volume: CoinMarketCap

In fact, Solana eventually flipped Ethereum in terms of 24-hour DEX trading volume. It also overtook BNB in terms of market cap, briefly becoming the fourth largest valuated crypto.

In summary, Solana is the not-so-new hottest thing in the market, and traders are looking for projects to invest in, particularly in memecoins. Dogwifhat has not only contributed to this growth but benefited from it as well.

Is dogwifhat (WIF) worth investing in?

There are a few factors to consider before investing in WIF. Mainly, consider whether WIF has already peaked. As stated previously, memecoins do not promote themselves as serious technology. The value of this asset class is driven entirely by speculation.

Once memecoins accomplish their goal, many are abandoned or never reach their all-time highs again. Additionally, they depend on an influx of new traders so long-term bag holders can have exit liquidity. In other words, you need new buyers to get out of your position. You can make huge amounts on paper trading memecoins like WIF, but if there are more sellers trying to take a profit than buyers trying to make a profit, you will end up with far fewer capital gains.

WIF has shown support at about $2.00. It could try to break its previous all-time high, or it could just retrace, never breaking resistance. Keep this in mind before investing in WIF.

Memecoins: The catalyst for Solana’s dominance?

Dogwifhat is part of a long list of memecoins drawing capital into Solana. These include Book of Meme (BOME) and BONK. If the trend continues, it could be the catalyst for more memecoin speculation or even projects like Solana threatening Ethereum altcoin dominance. As always, if you’re looking to buy WIF or any other speculative crypto, DYOR. Never invest more than you can afford to lose.

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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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