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
In order to select the top platforms to purchase WIF, BeInCrypto carried out extensive testing over a period of six months. Some of the factors we considered when selecting the top exchanges included:
- Fees
- Availability
- Support for WIF
- Safety
- Compliance
Here’s a quick snapshot showing why each CEX was selected.
Binance
Binance is the largest exchange by trading volume. It was one of the first centralized exchanges to list WIF, along with Kucoin. It also has WIF futures for users to trade, along with spot trading pairs for WIF. Additionally, Binance is known for its deep liquidity, this gives customers prices on WIF close to market norms.
KuCoin
KuCoin is another exchange that was one of the first to list WIF. It is also a globally renowned exchange that is available in most countries. Kucoin Safety Fund is another one of its features that protects the entire platform, and benefits customers. KuCoin also publishes a proof-of-reserve for safety.
Kraken
Kraken is one of the oldest Bitcoin exchanges in existence. It pioneered the idea of exchanges publishing proof-of-reserves to assure customers of platform safety. Kraken also has many trading features, such as multiple order types, and advanced trading interface, and more.
Gate.io
Gate.io is an exchange that is also a popular option for payments. It has a Visa debit card for customers to use at retail stores and anywhere else. Gate.io also retains the features of a centralized exchange, such as margin trading, derivatives, loans, and more.
Uphold
Uphold is an exchange based out of the U.S. It’s best feature is the ability it gives customers to easily trade in and out of precious metals and fiat currencies. Uphold supports almost 30 different fiat currencies and precious metals like gold, silver, platinum, and palladium.
To learn more about BeInCrypto’s verification methodology, navigate here.
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.
Binance
- Largest exchange by trading volume.
- Offers WIF futures for trading alongside spot trading pairs for WIF.
- Known for deep liquidity, providing prices close to market norms.
- Favorable fee structure
- Customer service might be less prompt during peak hours
- Less crypto variety in U.S
Uphold
- Facilitates cross-asset trading
- Solid, reliable reputation
- Based in the U.S., providing regulatory clarity for American users.
- Facilitates easy trading between precious metals and fiat currencies.
- Higher fees compared to other platforms
Kraken
- Kraken’s advanced tools and products carry relatively low fees.
- Super secure exchange
- More than 230 cryptos including WIF and over 130 trading pairs
- Not available in all U.S. states.
- High fees for buying in USD.
KuCoin
- Globally renowned exchange available in most countries.
- Early adopter of WIF listing.
- Features KuCoin Safety Fund for platform protection and customer benefits.
- Publishes proof-of-reserves for safety assurance.
- Mandates KYC
- Popular option for payments with a Visa debit card for retail use.
- Offers margin trading, derivatives, loans, and other features.
- Provides flexibility for both trading and everyday transactions.
- Might have lower liquidity compared to larger exchanges.
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.
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.
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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.
Why is dogwifhat (WIF) popular?
There are a few quasi-macro trends that could explain WIF’s rise in popularity.
Macroeconomic trends
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.
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.
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.
Frequently asked questions
Dogwifhat (WIF) is a memecoin on the Solana blockchain. It’s mascot is a dog with a pink hat, inspired by a popular Shiba Inu dog meme. WIF has no inherent utility or plans to create any.
The creator of dogwifhat (WIF) is unknown. It is entirely maintained by a community of enthusiasts. It was listed on on the Radium decentralized exchange (DEX) in late 2023.
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