Amid the surge of interest in meme coins during Q1 2024, several new projects have emerged, offering new opportunities for investment in this fast-paced market. One such project is Dogwifhat (WIF), a relatively new meme coin that has rapidly gained popularity among crypto investors since its launch in November 2023. On May 8, 2024 Dogwifhat price has decreased with a change of -11.46% in the past 24 hours, and trading at a price of $2.88.
Surpassing more established meme coins such as BONK and FLOKI in terms of market capitalization, Dogwifhat embodies the ongoing trend of Shiba Inu dog-themed cryptocurrencies, which have generated significant attention within the crypto community since DOGE launched in 2013 and received mainstream crypto success with endorsements from high-profile figures such as Elon Musk. This article aims to provide a comprehensive overview of Dogwifhat, addressing everything you need to know about Dogwifhat and answering frequently asked questions.
Dogwifhat price analysis
Coin Name Dogwifhat Dogwifhat Symbol WIF Dogwifhat Price $2.88 Dogwifhat Price Change 24h ▼ -11.46% Dogwifhat Price Change 7d ▲ 17.69% Dogwifhat Market Cap $2,872,199,090 Circulating Supply 998,906,039 WIF
Below, we provide an overview of the WIF price and historical data before assessing the features and characteristics of the project. As of May 8, 2024 Dogwifhat price has decreased with a change of -11.46% in the past 24 hours, and trading at a price of $2.88.
Factors influencing Dogwifhat’s price
Cryptocurrency prices are significantly influenced by exchange listings. When major exchanges list a new coin, it generates excitement, enhances trust and reputation, and often results in increased investments. While some major exchanges such as Binance, Bitget and Kraken have chosen to list WIF, there are still other popular exchanges yet to do so, indicating potential for future growth. We have share our Dogwifhat forecast numbers in the Dogwifhat price prediction page that gets updated often.
Other than being listed on Binance, the rise in WIF’s value in early 2024 can be attributed to a broader bullish trend among crypto investors from late 2023 to early 2024. This upward trend correlates with the overall positive sentiment in the crypto market, largely driven by Bitcoin’s surge, reaching a new all-time high of over $70,000 during the same period.
As Bitcoin and other major cryptocurrencies rally leading up to the halving event, investors seeking affordable options with significant potential for growth may turn to meme coins. Significant events such as the Bitcoin halving will also influence the price of cryptocurrencies. The Bitcoin halving, which occurs every four years, typically draws a lot of spotlight on the industry, leading many retail investors to buy in and drive up prices. We’re likely to see this trend holding true for WIF in the next halving.
What is Dogwifhat?
Launched in late November 2023, Dogwifhat quickly garnered attention within the cryptocurrency community. Dogwifhat is a meme coin that operates on the Solana blockchain. It’s known for its humorous and light-hearted concept, involving a playful and intentional misspelling of ‘dog with hat’, in reference to its logo, which features an image of a Shiba Inu dog sporting a knitted beanie. The dog behind the project itself is called Achi; a popular character on the internet since 2019.
How does Dogwifhat work?
Dogwifhat operates on the Solana blockchain, which is renowned for its rapid and cost-effective transaction capabilities. Dogwifhat utilizes Solana’s transaction validation process, which combines proof-of-history (PoH) and proof-of-stake (PoS) mechanisms. In the PoS mechanism, validators are chosen to generate blocks based on the quantity of SOL tokens they have staked on the network. PoH establishes the existence of transactions and organizes this data in a reliable sequence, thereby accelerating transaction processing. In terms of this complete decentralization, Dogwifhat differs from other meme coins.
Who created Dogwifhat?
It is difficult to identify who exactly created Dogwifhat. The anonymous creator of the project has deliberately maintained a zero wallet balance, indicating no personal stake in the coin’s future. Additionally, the Token Update Authority of the project has been set to zero, effectively preventing the minting of any additional WIF coins. Investors should note that Solana’s WIF is different from Dogwifhat built on Ethereum. The latter was launched by the Twitter user @issa, who claimed to be the original creator of the ‘dogwifhat’ meme back in 2019, but there was no connection between @issa’s coin and the original Solana coin. In fact, the Ethereum-based coin has experienced some significant controversy, facing accusations of insider trading that led to some significant price depreciation.
Dogwifhat market performance
As of March 2024, Dogwifhat’s market capitalization is in the ballpark of $2bn, which positions it as a top Solana ecosystem token. However, WIF’s market cap is relatively low compared to popular meme coins such as Dogecoin and Shiba Inu. For context, as of March 2024, Dogecoin’s market cap is around $26.6bn, and Shiba Inu’s is approximately $19bn. However, as a relatively new coin, WIF has already made an impressive entry into the crypto market with a particularly impressive run in the meme coin rally of Q1 2024.
How to buy and store Dogwifhat
WIF is listed for trading on several major cryptocurrency exchanges. You can find the coin on centralized exchanges including Binance or KuCoin, or trade on decentralized exchanges using the steps below:
- Step 1: Choose a reputable exchange and sign up for a trading account.
- Step 2: Complete identity verification (KYC) if required.
- Step 3: Deposit funds using the supported payment methods.
- Step 4: Search for WIF in the platform’s market and buy the desired quantity.
- Step 5: Transfer the WIF tokens to an external crypto wallet.
Transferring your coins to an external crypto wallet is a good security measure because it protects you from potential losses due to crypto exchange hacks. There are various hot and cold wallets on the market. Do your research and choose the option that best suits your needs. As WIF runs on the Solana blockchain, investors will require a wallet that supports the network. Potential options include Solflare, Phantom, Coinbase Wallet, Atomic Wallet and Exodus.
The future of Dogwifhat
Dogwifhat’s developers describe it as “literally a dog with a hat”, emphasizing the lack of utility and future planning for the token. There is not much in the way of an ambitious roadmap, meaning that it is likely that the meme coin’s future will rely on its community and hype.
Risks and challenges
Dogwifhat has proven that it is a popular option for meme coin investment. With substantial recorded gains between December 2020 and March 2024, early investors have reaped returns in multiple folds. While this might be tempting, the risks and challenges associated with WIF are worth considering.
The most common challenge of investing in any cryptocurrency is the market uncertainty. The crypto market is volatile, and price swings are inevitable. An unprecedented sharp decline in Dogwifhat’s value will lead to losses. Also, WIF exists in a highly competitive meme coin market with other top-performing assets such as Dogecoin, Shiba Inu and Pepe. The stiff competition poses a challenge to the project’s mass adoption and growth.
Typically, investors allocate only a small percentage of any portfolio to meme coins. With this in mind, new trends and memes have the potential to steal thunder from WIF, as investors look to reallocate capital they might have allotted to meme coin investment. The lack of knowledge about WIF’s founders also makes it a higher-risk investment, especially considering that it is a meme coin with limited use cases to sustain any increase in valuation.
Its value is backed more by social media hype and less by investors’ interest or sentiment. With this in mind, before investing in meme coins such as Dogwifhat, investors should perform their due diligence and only part with capital they are willing to (potentially) lose. Due diligence can include researching a token’s price history and market sentiment.
Regulatory and legal aspects of Dogwifhat
As it stands, no regulatory body has explicitly examined or approved WIF’s activities or trading. However, as with all crypto assets, the legislative and regulatory environment is a gray area. Potential regulatory issues could result in legal troubles for the project or an outright removal from cryptocurrency exchanges.
Similarly, the meme coin market faces various regulatory challenges because the tokens lack transparency and accountability, have undefined definitions and classifications, and need investor protection and stability. Regulatory scrutiny around the asset class is likely to negatively impact WIF’s utility, adoption and price action.
Community and ecosystem
Strong communities play a crucial role in sustaining and driving meme coins, which lack intrinsic value. These digital assets often serve as humorous outlets for creative expression, providing crypto enthusiasts with a rallying point. This has been evident in the case of Dogwifhat, where community members have embraced the token’s mascot by incorporating it into their profile pictures.
Moreover, the community’s collective effort to raise $650,000 for displaying the image on the Las Vegas Sphere demonstrates their enthusiasm and commitment to promoting the project. Such levels of enthusiasm and pride bode well for the future success of the initiative.
Comparing Dogwifhat to other cryptocurrencies
WIF exists in a large pool of meme coins. Below, we compare it to its major competitors.
Dogwifhat vs Shiba Inu
Dogwifhat and Shiba Inu (SHIB) are two dog-themed meme coins gaining attention in the crypto market. Both coins have risen from being solely meme tokens to impressive crypto projects with a large community. While Dogwifhat uses the PoS consensus mechanism, Shiba Inu uses PoW, making WIF’s throughput faster.
That being said, SHIB remains the second-largest meme coin. It has a market cap of approximately $19bn, which is significantly higher than WIF’s as of March 2024. Relative to its competitor, WIF has a relatively small supply of tokens. This scarcity makes it valuable over the long term. However, the meme coin doesn’t have an iconic reputation attached to it, as Shiba Inu does, which might impact its sustained popularity.
Dogwifhat vs Pepecoin
Pepecoin (PEPE) and Dogwifhat are new rivals soaring within the meme coin market. However, while WIF leverages Solana, an existing blockchain, to drive its growth, PEPE is a meme token backed by its massive social media presence and dedicated community. WIF’s strong performance as soon as it launched in the market is quite telling of its influence in the crypto arena.
Dogwifhat vs Solana
Although WIF runs on the Solana (SOL) blockchain, they are different projects entirely. Solana is a standalone network capable of scalability and fast transactions. WIF leverages these features to operate, but it is primarily a meme coin project with limited use cases. Solana is also a better store of value, trading at around $150 per token at the time of writing (March 2024) compared to WIF’s price of approximately $0.00003.
FAQs
What are Dogwifhats?
Dogwifhat is a meme-inspired cryptocurrency based on the Solana blockchain, that features a Shiba Inu dog sporting a pink knitted hat. Dogwifhat was launched in November 2023 and has become a popular meme coin in 2024.
How much is one Dogwifhat to buy?
At the time of writing, Dogwifhat is trading at around $3 per unit, but cryptocurrencies are volatile and prices are prone to sudden and sharp changes. Set price alerts to keep updated about any WIF price movement.
Is Dogwifhat actually safe?
Like all cryptoassets, WIF has inherent risks. When interacting with the asset, be sure to observe best practices, such as conducting thorough research about the coin and it’s price history, securing your tokens safely in a wallet, and only investing money you can afford to lose.