Dogwifhat (WIF) is a Solana-based dog-themed memecoin that was launched in November 2023. It features a Shiba Inu wearing a knitted hat as its mascot. ^[1][2]

Overview

The dogwifhat memecoin garnered attention within the cryptocurrency community primarily because of its humorous theme, which capitalized on entertaining branding and association with popular dog memes, appealing to a wide audience. Additionally, the project's community-driven approach, characterized by active engagement through social media and involving the community in platform development decisions through voting, contributed to its traction. ^[3]

"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" - the website stated ^[1]

"WIF doesn't rely on lofty promises of futuristic transactions or beacon-like symbolism. Instead, it embraces its identity as "literally just a dog with a hat." ^[4]

On January 11, 2024, a trader spent nearly $9 million to purchase dogwifhat (WIF). The purchases were done over three transactions worth $6.25 million, $1.78 million, and $893,000. The buyer purchased WIF at a high of $3, soon after, prices plunged to 15 cents which left the trader with a slippage loss of over $5.7 million at the time. ^[5]

On January 18, 2024, WIF experienced a 35% increase in its value after Binance’s announcement on their blog stating:

To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the USDⓈ-M WIF Perpetual Contract at 2024-01-18 14:15 (UTC), with up to 50x leverage. ^[7]

The futures contract offering sparked interest in the WIF token increasing its volume & market capitalization. ^[6][8]

On January 24, 2024, Bitget, a crypto trading platform announced the listing of Dogwifhat (WIF) in its Innovation and Meme Zone. Gracy Chen, Managing Director of Bitget, stated:

"Bitget seeks innovative ways to support the development of diverse blockchains and ecosystems. This project showcases our dedication to fostering innovative potential and supporting the crypto ecosystem. It aligns perfectly with our commitment to providing our users access to cutting-edge projects. Moreover, we aim to create a Spot Market offering a wide range of choices and excellent quality projects."^[9]

Technology

WIF operates on the Solana blockchain, a blockchain network that utilizes a Delegated-Proof-of-Stake consensus mechanism. ^[3]

WIF's ownership structure prioritizes decentralization, with full renouncement of ownership and zero creator and Token Update Authority balances. This approach distinguishes WIF from other memecoins, mitigating centralization concerns and empowering the community in shaping its development. ^[4]