What Is Dogwifhat (WIF)?
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.
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.
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.
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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.
