Exchange rates:
472691
Exchangers:
393
Updated:
09:16:35

dogwifhat (WIF): another useless memcoin that enriched its investors

Memcoins are taking over the cryptocurrency market. Tokens that seemed to have been created for a joke occupy high positions in the cryptocurrency ranking. Dogecoin is among the top twenty cryptocurrencies by capitalization, and Shiba Inu is in the top twenty.

However, there are also new representatives of this category, which are still in much lower positions, but are rapidly climbing up, and one of them is dogwifhat.

What is dogwifhat?

dogwifhat, or WIF for short, is another memcoin, of which there are hundreds, if not thousands, on the crypto market, only with the image of a popular breed of shiba inu in a knitted pink hat and issued on the Solana blockchain with support for the SPL standard.

The acronym WIF is nothing more than the misspelled word "with," and the full cryptocurrency name dogwifhat means "a dog with a hat." The creators emphasize the humorous nature of the memcoin by spelling the name itself in lowercase instead of capital letters as if they were going against the rules.

However, despite this, the cryptocurrency is showing no-nonsense growth. The WIF token was launched at the end of November 2023, and as of March 2024, its price has increased by 1855% on exchanges since its release. The token itself has no value, and even the developers of dogwifhat say so directly: "Just a dog in a hat".

dogwifhat has no blockchain and no practical applications, such as paying commissions, staking, or voting rights. However, WIF still has one advantage: it uses one of the fastest and cheapest networks for transactions, Solana. That's it for now.

The dogwifhat cryptocurrency stands out by the relatively small number of tokens issued on the market by memcoin standards, the excessive issuance of which has already become a hallmark of memcoins. As of March 2024, just under a billion WIF tokens are circulating on the market. By comparison, Dogecoin's issuance is 143 billion, Shiba Inu's is 589 trillion, and Bonk's is around 65 trillion.

At the same time, dogwifhat has no issuance limit and perhaps the team can issue as many more tokens as they want at some point.

Why did the WIF memcoin become so popular?

It all started with BONK, the first memcoin on Solana, which caught the eye amid rapid growth. This token was given away for free to buyers of the Solana Saga smartphone, causing a rush of excitement among buyers that resulted in all the devices being sold out quickly.

The whole value of BONK was only because it is the first memcoin on the Solana blockchain. The first DOGE memcoin in the crypto industry and the first memcoin on the Ethereum SHIB network are almost at the top of the crypto market. Investors thought that the same thing could happen with the first memcoins on Solana, and in the end, it caused a chain reaction, even against the backdrop of a bull market, which more and more investors actively replenish: they buy what is most talked about in the media and social networks.

There is no magic here: it was the same with NFTs like Bored Ape Yacht Club (BAYC) and Crypto Punks and, at one time, with altcoins Bitcoin Cash and Litecoin, which are far from their highs in 2024. They rose in a bull market simply because everyone was talking about them, and these altcoins were the first to catch the eye of rookie investors looking for assets to invest when they went to CoinMarketCap or a similar site.

What are the prospects for dogwifhat?

The WIF token has no prospects regarding value and applicability, but the same can be said about DOGE, SHIB, or BONK. As the situation in the crypto market shows, the community — not even the technology or applicability - has tremendous voting power. For example, SHIB is higher in capitalization than Polkadot, Toncoin, and Chainlink, each with solid technology and a vastly developed ecosystem by market standards.

dogwifhat, for its part, has already surpassed in capitalization one of the leading L2 scaling solutions Ethereum Mantle, the metaverse and AI-oriented Theta Network project and even the next-generation modular blockchain Celestia.

Lack of applicability alone does not necessarily indicate a lack of promise, as the practical value can be added later when the project already has enormous community support. Let's again turn to the leading memcoins for an example:

  • Dogecoin is accepted for payment in various services and stores, among which there are world-famous ones such as Newegg, Twitch, and GameStop. In addition, in the past, even a Tesla electric car could be purchased with DOGE quickly. In March, speaking at the Tesla factory in Berlin, Elon Musk said that "at some point, Tesla will allow payments in DOGE and Dogecoin will go to the moon."
  • Shiba Inu was also initially an unremarkable memcoin, but it now has its own ecosystem, including a staking service and decentralized exchange, Shibaswap.

To summarize, we can say that in the case of dogwifhat, much depends on the team's actions: whether they will develop the project or let everything go. dogwifhat already has the support of a large community, and the creators of the memcoin can swim in money, so it won't be a problem for them to add usefulness to the token.

However, so far, all the dogwifhat team has done is create a rather crooked website and a simple smart contract, which has not even been audited yet. Therefore, the only thing that can be said about the prospects at the moment is "to be continued..."

© BestChange.com – , updated 05/02/2024
Reprints are allowed only with permission of BestChange

See also