Dogwifhat is based on one of the many Shiba Inu dog memes, which have a longstanding association with the digital asset sector thanks to the original meme cryptocurrency, Dogecoin (DOGE), established in 2013. Since then, several other memecoins have launched to varying degrees of success, with dogs emerging as a popular theme. For example, Shiba Inu (SHIB) has grown to become one of the biggest rivals to Dogecoin, as well as operating its own Layer 2 and exchange.
In comparison, Dogwifhat is a relative newcomer, having only launched its token in late 2023. Despite its late entrance, the project saw remarkable success in the months following launch, rising to become one of the top-ranked memecoins after DOGE and SHIB, thanks to a vibrant and engaged community. The success comes despite the project's modest assertion that it is "literally just a dog wif a hat."
How was dogwifhat developed?
The developers of dogwifhat have chosen to remain anonymous, so the origins of the project aren't known. However, they were evidently inspired by the Shiba Inu memecoin movement since the developers selected a popular meme of a Shiba puppy wearing a pink beanie hat to symbolize the project.
The token launched on the Solana blockchain in November 2023 and was an immediate hit among memecoin traders. Following listings on several large, centralized exchanges, the value of WIF soared, and in late March 2024, it overtook PEPE to become the third largest memecoin by market cap.
The Shiba Inu featured in the dogwifhat meme is a real-life puppy named Achi. On March 18, the owners of Achi launched an NFT of the original image, which sold at auction for over 1,210 ETH, worth $4.3 million dollars at the time.
The dogwifhat community has proven enthusiastic about organizing initiatives related to the project. On March 14, supporters successfully crowdfunded over $700,000 in USDC to pay for dogwifhat to appear on the side of the Las Vegas Sphere in a campaign dubbed "Sphere Wif Hat." However, at the time of publication, it was unknown whether the bid for the Sphere had been accepted.
In April 2024, some community members launched the dogwifhat store, which sells pink beanie hats and states that profits are donated to a stray dog charity.
How does dogwifhat work?
The project claims to be "literally just a dog wif a hat" which sums up the simplicity of the dogwifhat tokenomic model and overall ethos of the project.
The project's mission statement asserts that:
"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."
WIF is an SPL token based on Solana, which is similar to the ERC-20 fungible token standard on Ethereum. A maximum supply of 998.9 million WIF will ever be issued, according to the project's creator. There are no mechanisms in place to affect token supply, such as staking or burning.
The community initiatives organized around dogwifhat have so far been crowdfunded independently, so there is no requirement to own WIF to participate. Anyone who wants to join the dogwifhat community can simply follow the project on X or Telegram to discover more about the various initiatives and connect with other dogwifhat supporters.
The success of the project has also led to at least one spinoff – catwifhat – creating another memecoin with its own niche community.
How is WIF used?
WIF does not currently have any utility. It's a memecoin traded purely for its speculative value. Like many memecoins and smaller altcoins, the price of dogwifhat can be highly volatile, providing the opportunity for significant returns.
However, volatility also incurs a high risk of losses, so traders should use appropriate risk management tools such as stop-loss orders and maintaining a diverse portfolio to manage their exposure.
Conclusion
- Dogwifhat is a memecoin based on a popular meme of a Shiba Inu puppy wearing a pink beanie.
- It's a relative newcomer to the memecoin segment, having launched in late 2023, but has seen remarkably rapid growth thanks to an engaged community.
- WIF is an SPL token hosted on Solana and is only used for speculative purposes, having no utility.