Dogwifhat (WIF) Explained – Everything You Need to Know About the Solana Meme Coin
The Solana meme coin ecosystem is buzzing, with several tokens already in the top 100 list. Among them is Dogwifhat (WIF). Boosting a market cap of $3.5 billion, WIF is the second-biggest meme coin on Solana, only behind BONK.
Numerous analysts have predicted that Dogwifhat’s price will reach $10 in 2025 despite lacking utility. That said, if you want to invest in this meme coin, we recommend reading our guide first to understand everything about WIF.
What is Dogwifhat?
Dogwifhat entered the market in November 2023. It’s inspired by Shiba Inu dog with a pink knitted hat. Like most meme coins, WIF lacks use cases, and its value is only driven by sentiments on social media.
According to data from Coinmarketcap, Dogwifhat’s total token supply stands at 998.9 million. And since the meme coin doesn’t implement burning mechanisms, the token supply is expected to remain the same forever.
What Makes WIF Stand Out?
Dogwifhat’s ownership was renounced a few weeks after its inception. That means the meme coin is now community-driven. Since no entity, including WIF’s creator, can influence the direction of the token, the project’s structure aligns with Web3 principles of decentralization.
Where to Buy WIF
As one of the top Solana meme coins, Dogwifhat has captured the attention of several leading crypto exchanges, including;
Binance
Binance, a leading exchange by market cap, listed Dogwithat in February 2024. At the time, the meme coin rallied significantly, with its market valuation crossing $1 billion within a few days. Buying WIF on Binance comes with various benefits, such as low fees and quick swaps, thanks to the deep liquidity on the platform.
Coinbase
Coinbase is the number one exchange in the United States. It listed WIF in November 2024. Newbies are advised to buy the meme coin on Coinbase due to the platform’s simple and easy-to-navigate user interface. Note that Coinbase has limited geographical availability. Therefore, checking whether it operates in your country before opening an account is advisable.
Uphold
Supporting over 50 payment methods, Uphold provides convenience to users who wish to fund their accounts to purchase Dogwifhat. Moreover, the exchange adopts solid security measures to keep user funds safe.
KuCoin
KuCoin is one of the few exchanges that embrace transparency by publishing proof-of-reserves periodically. This has enabled the platform to build trust with crypto investors. So, if you want to buy WIF on a trusted exchange, KuCoin can be a good choice.
How to Purchase Dogwifhat
We will guide you on how to buy Dogwifhat on Binance since it is the most popular exchange. Here are the simple steps to follow:
Step 1: Download the Binance mobile app and create an account. The exchange usually requests new customers to use their emails or phone numbers to register accounts.
Step 2: Complete KYC checks. Like other regulated exchanges, Binance requires new users to verify their identity before transacting. The Know Your Customer document you need to upload is your government-issued ID.
Step 3: Deposit funds. Once Binance approves your details, you can fund your account to buy Dogwifhat. The exchange supports multiple deposit methods, including bank transfers, crypto transfers, and debit/credit cards.
Step 4: Purchase WIF. If you deposited fiat, use the Binance convert feature to swap it to USDT. After that, click ‘Trade’ and select ‘Spot.’ Next, look for the WIF/USDT trading pair and buy Dogwifhat using your USDT.
Step 5: Transfer Dogwifhat tokens to a non-custodial wallet. While Binance is convenient for buying WIF, we advise against storing your tokens in this exchange because it controls your wallet keys. So, to gain full control over your WIF, transfer the token to a non-custodial wallet compatible with the Solana blockchain. Some of the recommended wallets include Solflare, Phantom, and Trust.
Conclusion
Before buying WIF, understanding the associated risks is vital. For example, you should know that Dogwifhat is subject to extreme price volatility like other meme coins, meaning you can lose funds at any time.
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