What Is Dogwifhat (WIF) Meme Coin?

The meme coins sector is one of the fastest-growing within the crypto industry, with an especially large number of these tokens being centered around animals. Dogwifhat (WIF) is one such token that has attained widespread hype within the community since its launch in late 2023.

What Is Dogwifhat?

The story of Dogwifhat began the way many meme coins started: a picture online. In November 2019, an X (formerly Twitter) user posted a picture of a Shiba Inu dog wearing a hat. Just as the original Shiba Inu dog went on to inspire several meme coins, including such popular meme coins as Shiba Inu coin and Dogecoin, this picture led to the emergence of the token called Dogwifhat (a stylized way of writing ‘dog wif hat’).

Dogwifhat was launched in November 2023. While its founders remain anonymous, they are believed to have taken inspiration from the success seen by Dogecoin and the 2019 viral meme. It became very popular soon after, partially thanks to its virality and acknowledgment from public figures.

Elon Musk, who is a known fan of meme coins, has publicly acknowledged the token, causing it to soar in visibility. It has become very popular online, leading to some interesting developments. There was a viral campaign to buy an advertising slot for it at the Las Vegas sphere which raised hundreds of thousands of dollars.

The photo of Achi, the original Dogwifhat, was also sold for $4.3 million as a non-fungible token (NFT), showing just how passionate the community behind the token was. The management of Dogwifhat has said that it has given its mission statement as follows:

“WIF isn’t just a cryptocurrency; it’s a symbol of progress, for futuristic transactions, a beacon for those who think ahead. It’s clear that the future belongs to those who embrace innovations like WIF, transcending boundaries & paving a new era in finance and technology.”

Dogwifhat Milestones

Dogwifhat has had several notable milestones, some of which are as follows:

• November 20, 2023: Dogewifhat is launched.
• March 1, 2024: WIF price hits $1 per token, which makes it the first meme coin to reach such a price.
• March 5, 2024: Binance lists WIF.
• March 6, 2024: WIF hits $1.89 following Binance listing.
• March 28, 2024: WIF surpasses PEPE in market cap, becoming the third biggest meme coin.
• April 25, 2024: Coinbase lists WIF.

How Does Dogwifhat Work?

Dogwifhat is based on the Solana blockchain. In other words, the WIF token is an SPL (Solana Program Library) token and works similarly to Ethereum’s ERC-20 tokens.

Among the key features of Dogwifhat is that WIF tokens cannot be staked to receive interest. In addition, the developers claim there are no plans to burn the token or introduce staking rewards, so the amount we have is constant.

It has been heavily emphasized that Dogwifhat does not have a central figure or organization controlling it. As its anonymous founder has said, it is fully in the hands of its investors and their activities decide whether its value rises or falls. All of this is based on pure market speculation, making Dogwifhat one of the rawest examples of a meme coin.

While many meme coins try to wow the industry with complex inner workings and management, Dogwifhat has remained true to its ethos, which is literally ‘just a dog wif a hat’.

Dogwifhat: Tokenomics

Just like its overall setup, Dogwifhat’s tokenomics is very simple; it has a fixed supply of 998,905,879 WIF tokens, which cannot be burned or staked. No more tokens will be minted and their value is fueled purely by market speculation and this shows no signs of changing.

Dogwifhat vs Shiba Inu vs Dogecoin

Because Dogwifhat is a dog-themed meme coin, it inevitably draws comparisons to other such tokens like the Shiba Inu and Dogecoin meme coins. The truth is that all three tokens are unique and have their pros and cons.

Firstly, the goals the meme coins are pursuing differ. Dogwifhat aims to pave a new era in finance and technology and benefit its community. The goal of Shiba Inu is to create a new decentralized standard and offer an alternative to other options in the market. Dogecoin was initially created as a parody of other cryptos like Bitcoin (BTC) and to draw attention to blockchain. Now, it operates like other mainstream tokens and serves practical functions.

Secondly, blockchains are different. While Dogwifhat is based on the Solana blockchain, Dogecoin is based on its native Dogecoin blockchain, and the Shiba Inu meme coin is based on the Ethereum (ETH) blockchain.

Thirdly, the coins vary in terms of tokenomics. The tokenomics of Dogwifhat is based on three rules: tokens cannot be mined, tokens cannot be minted, and there is a fixed supply of them whose value is based on speculation. The Shiba Inu meme coin operates under a deflationary model and has three tokens in its ecosystem – BONE, LEASH, and SHIB tokens. These are used for governance, staking rewards, and utility respectively. Meanwhile, Dogecoin operates on an inflationary model, meaning more tokens can be mined infinitely.

Further, utility is different. Dogwifhat has no utility and can only be traded speculatively. Shiba Inu’s BONE, LEASH, and SHIB tokens can be used for governance, staking, and speculative trading respectively. Dogecoin has been used for tipping creators online and is traded speculatively.

Learn more about the ins and outs of these popular meme coins in the dedicated Shiba Inu guide and Dogecoin guide. 

How Is Dogwifhat Used?

As we have said, Dogwifhat does not have much in the way of use cases. Its creators have explained that it is meant to be traded based on hype and doesn’t bother with a complex tokenomics model. This setup presents certain pros and cons for investors.

Among the pros are:

• Emphasis on community. At the heart of the WIF token is its community and this is evident in the fact that no single entity controls the project. As far as meme coins go, Dogwifhat is one of the most community-focused and this is a massive benefit for those who prioritize this.
• Solana-related benefits. Because the WIF token is based on the Solana blockchain, it enjoys all the benefits associated with it. These include fast transaction speeds and relatively low transaction costs.

Meanwhile, cons to consider include:

• Lack of use cases. The existing Dogwifhat utility (or lack thereof) poses a major downside to using the token. While it has seen a lot of success due to industry hype, some experts worry that this will not be enough to sustain it in the long term. This is especially glaring when the WIF token is compared to other cryptos in the market.
• Inability to stake. Despite its association with the Solana blockchain, Dogwifhat cannot be staked to earn interest and this is a major downside for investors who want to create passive income with it.

Is It Worth Investing in WIF?

With a bit of background on the WIF token, you might wonder whether or not it is worth investing in. While no one can fully predict the crypto landscape moving forward, it is important to consider its lack of use cases. The hype from its community and speculation from the wider market have made it one of the most valuable and well-known meme coins around. It is up to the investors to determine how long this hype will last and how far it can push the price of WIF before they make an investment decision.

Anyone looking to buy WIF can opt for several centralized exchanges like Coinbase and Binance which list several trading pairs. It is also listed on several decentralized exchanges like Dexscreen. Additionally, WIF can be bought via its official website or from peer-to-peer platforms.

Bottom Line

Dogwifhat has made some amazing strides in its short time in the market, dethroning most established competitors and showing the industry what a community-focused token can do. There is still debate about whether or not it can maintain this momentum but only time will tell.