Meme coin has witnessed a surreal growth in recent years. Being one of the best-performing crypto categories, investors are in search of different meme coins with more use cases and profit offers. Dogwifhat is one of the meme coins riding the wave, with strong potential for growth in the coming years.
What is Dogwifhat?
Dogwifhat (WIF) is a meme coin operating on the Solana blockchain representing a Shiba Inu dog wearing a pink knitted hat. Launched in late November 2023, the token has shown a steady value till now, with an all-time high of around $2.25 on March 2024 and a market capitalization of nearly $2.2 billion after Binance announced listing it on its platform.
It has a fixed supply of around 999.89 million tokens and doesn’t promote burning and staking mechanisms. Affected by communal sentiments and speculations, Dogwifhat prices undergo severe fluctuations.
Why is Dogwifhat popular?
With a $2.2 billion market capitalization, Dogwifhat has achieved a fourth position in the meme coin market. The rising popularity of the meme coin underlies the features included.
1. Strong community
WIF’s playfulness and enthusiasm have attracted many investors, resulting in the development of an engaging community. The collective spirit of the community is one of the unique features of the Dogwifhat project.
2. Speculative activities
The Dogwifhat market has been on an upward trend since its launch, increasing its popularity. Speculative trading activities increased the investor’s attraction even more, with explosive growth since February 2024.
3. Celebrity endorsements
Dogwifhat has received many celebrity endorsements on Twitter such as Hsaka traders. The enthusiastic support received from influential crypto personalities evenly added to the popularity.
4. A limited number of tokens
The limited token supply of 999.89 million tokens has created a cap, which is difficult to remove.
5. Las Vegas fundraising
The recent fundraising conducted to get the dog and its changing hat on the Las Vegas sphere has added to its popularity. Raising over $70,000 has surged the price of Wifhat to another 25%, resulting in the ever-high price of $3.
6. SPL token
WIF is an SPL token that allows developers to issue tokens that have the potential to represent any type of asset. Running in the Solana network provides a lot more advantages than in the Ethereum blockchain.
7. Interactive nature
As users can create and share their own meme dog with different colored hats, Wifhatdog adds a layer of interaction.
Dogwifhat Tokenomics
The tokenomics of Dogwifhat defines itself as a decentralized cryptocurrency overviewed by a community of WIF token owners. Being a decentralized crypto community, the WIF owners have sole control over the governance of the network. Capitalized on Shiba Inu, Wifhat captured the community’s attention, resulting in a price soaring within a short span since launch.
With a maximum fixed supply of around 999.89 million tokens, a wide scope of this currency is forecasted: a price appreciation once the demand rises. It doesn’t own any functional use case other than being a meme coin. The popularity of the Wifhat coin is completely driven by speculative interests and community sentiments.
How to buy Dogwifhat?
1. Create an account.
Create an account in any trustful exchange. Sign up to the platform by filling in the required information like email address, phone number, and any government identification.
2. Deposit funds into your account.
One can deposit funds to their account using credit cards, debit cards, bank transfers, or third-party services.
3. Buy Dogwifhat.
Move to the buy section and choose the currency as Dogwifhat to purchase. Set the payment, once after choosing the payment mode.
4. Transfer the fund.
To store the tokens securely for a long period, transfer them to a reliable cryptocurrency wallet. This is not a compulsory step, one can store it in the exchange platform itself.
5. Confirm the purchase.
Ensure the filled-in information is correct before proceeding with a transaction. Once all the data are verified, confirm the transactions.
How to store Dogwifhat?
As we already mentioned, a Dogwifhat is stored in a wallet, considering security. For short-term investors, a hot wallet is preferred as they are easily accessible whereas long-term investor relies upon hardware wallets as they are less likely to encounter a hack.
1. Hot wallets
- Hot wallets are digital tools used to send, store, and receive Dogwifhat securely.
- Easy accessibility and user-friendly features offer convenience in frequent and less amount transactions.
- Hot wallets are also called software wallets.
- Phantom, Gem, Trust, Guad, and Solflare are hot wallets compatible with Dogwifhat.
2. Hardware wallets
- Hardware wallets are offline wallets where Dogwifhat cryptocurrency is securely stored.
- Protects cryptocurrency from online hackers and threats.
- Hardware wallets are also called cold wallets.
- Ledger, SafePal, and Onekey are the hardware wallets that support Dogwifhat.
Bottom Line
Dogwifhat is a cryptocurrency with significant future potential. With soaring in price soon after the launch, Dogwifhat has a current value of $3.32. With no utility other than being a meme coin, its value is derived completely from community sentiments and speculations. However, there is no guarantee that the price will keep surging, the coin’s vulnerability to huge price swings can cause enormous losses.