Dogwifhat emerged on the Solana blockchain. The term is the agglutination of "dog with a hat", which describes the meme used as inspiration.
The image of the Shiba Inu dog with a hat started to become famous in 2019 and gained many variations: placing logos of well-known brands, in addition to replacing it with other hats.
Launch and appreciation
The dogwifhat token appeared for the first time during the week of Thanksgiving in the United States, in 2023. The memecoin community had a lot of feedback about the launch: the currency appreciated by 227,000% in a few days.
The market value at the time of its emergence was less than a penny. With the publicity in the crypto community and the popularity of memecoin, it is traded at around three cents on the dollar.
Meme popularity
The Solana project benefits from the sudden fame of the dog in a hat coin. It gained more popularity with the emergence of memecoin, which operates on Solana Layer-1, which makes trading on other platforms easier.
Memecoin and community engagement
Every cryptocurrency meme exists because of a group of people who like the concept of the joke and work to make it have market value. It is generally inspired by animals, gaining fame due to its humorous and light tone.
The dogwifhat community is very engaged, something common in the case of memecoins. Group members discuss a lot about the world of cryptocurrencies, blockchains and memes.
There are already plans for the WIF token. The creators plan to integrate it with applications, games and services, as well as making it a means of payment. This means that the currency can reach other entertainment spaces.
Tokenomics
Among the 100 billion WIF coins available, 5% are with the development team and 5% with the marketing team, 20% was designated for liquidity, 30% for community treasury (to reward the community) and 40% for initial sale, on exchanges and public offerings.
Famous Memecoins
Dogwifhat is one of hundreds of memecoins available on exchanges. It follows two other very well-known ones: Doge and the Shiba Inu. The first is associated with tycoon Elon Musk, one of the biggest propagators.
Musk's influence on Doge is such that any mention of him on social network X is capable of causing major movements in the market. From there, communities engage with meme tokens to make them more popular and valuable.
However, it is worth warning: the volatility of dogwifhat and other memecoins is greater than that of cryptocurrencies, as the value depends greatly on the virality they acquire on social networks. They can rise very quickly, but they can fall quickly as well.
Learn more about cryptocurrencies
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