Cryptocurrencies come in all shapes and sizes, with some being nothing more than vaporware, albeit vaporware with amusing backstories. In today’s article, we’ll examine a coin that’s been generating buzz due to its unorthodox branding—it’s a dog with a hat, known as WIF. We’ll explore what this new meme coin is how to long and short this memecoin.
What is the DogwifHat – WIF Cryptocurrency?
Originating from an internet meme that features a Shiba Inu dog donning a pink crochet hat, Dogwifhat has become part of the collection of memecoins within the cryptocurrency ecosystem, specifically within the Solana network. Recently referred to in a blog of Crypto Hayes, founder of Bitmex, the dog with hat could be something to watch out for.
If we look at the fundamentals, we should know that this coin is nothing more than a meme. The coin’s official website may raise concerns due to its unsophisticated design, which could be perceived as lacking professionalism and reminiscent of a project that a fourth-grader might create. But what does a website even mean, right? The concept is humorous and if enough people say it has value, it has. The simplistic design could be a benefit for even the most simplistic people to get onboard.
Is the DogwifHat Cryptocurrency Legitimate?
Currently, the legitimacy of the DogwifHat cryptocurrency remains in doubt. The unprofessional appearance of the website is a cause for concern, signaling that investors should be wary. Nonetheless, despite its questionable presentation, the coin has garnered a burgeoning community on social media, as indicated by its Twitter account’s modest but growing following and its achievement of verification status. Community interaction is evident in the likes and responses to tweets, particularly those related to the WIF memes.
Market Buy of $8.6 million
On January 10, 2024, an individual, known by their handle zer0xtrading.sol, made a market buy of Dogwifhat (WIF) tokens, of significant proportion. Amounting to a staggering $8.6 million in SOL that he used for buying this meme token. This huge buy attracted more people to this new memecoin.
Where to buy DogwifHat – WIF?
Dogwifhat (WIF) is available to buy on both MEXC and Bybit. If you’re interested and know how to buy it on a decentralized exchange. You can buy this memecoin on Jupiter, a decentralized exchange on Solana.
The official contract address is EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm.
Beware that this is a highly speculative play!
How To Go Long or Short Dogwifhat – WIF
Besides spot trading and buying this memecoin, the exchanges MEXC and Bybit offer WIF futures trading. This means users can buy with leverage and more importantly can short if they think the dog is going to lose his hat. But be careful – trading with leverage is playing with fire, and the dog can remain longer with his hat than you have funds available and could lose yours.
What Does the Market Data Say About the DogwifHat Cryptocurrency?
Despite its newness, the DogwifHat cryptocurrency has shown significant movement, with a 100% increase in value over 24 hours at one point. The total value locked (TVL) is nearly at $260k, with a 24-hour volume of $3.56 million. The trading activity has been described as parabolic, with a substantial increase in traders and watchers.
How to Buy Dogwifhat (WIF) on Solana
How Do You Set Up a Wallet for Dogwifhat?
What Wallet Should You Download for Dogwifhat?
For those in the Solana network, Trust Wallet is an excellent choice. It’s highly integrated and can be downloaded on both desktop and mobile devices. Ensure you get the official version from the Trust Wallet’s website.
How Do You Set Up Your Trust Wallet?
After downloading the wallet, set it up via the Google Chrome extension or the mobile app. It’s crucial to secure your seed phrase and note down your wallet address, as you’ll need this for subsequent steps.
How Can You Buy SOL to Use as Your Base Currency?
Where Can You Purchase SOL?
Before buying Dogwifhat, you need SOL, the base currency on the Solana network. This can be done directly through Bitvavo. For more information on how to buy SOL, read our guide here.
With SOL purchased, navigate to your wallet on Bitvavo, select SOL, and choose to withdraw. Make sure to use the Solana network for the transfer, and then wait for the confirmation that your SOL has reached your Trust Wallet.
What Does the Market Data Say About the DogwifHat Cryptocurrency?
Despite its newness, the DogwifHat cryptocurrency has shown significant movement, with a 100% increase in value over 24 hours at one point. The total value locked (TVL) is nearly at $260k, with a 24-hour volume of $3.56 million. The trading activity has been described as parabolic, with a substantial increase in traders and watchers.
What Can We Learn from the Token Distribution?
Token distribution is a vital aspect of any cryptocurrency, as it can indicate the level of decentralization. For the DogwifHat cryptocurrency, the top wallet holds 4.8% of the tokens, which is reasonably decentralized. However, a more dispersed distribution is always preferable to prevent potential manipulation by a few large holders.
What Should Potential Speculators Do?
Prospective investors should exercise patience and not rush into investing heavily in this coin. While the technical indicators on the 1-hour chart show promising signs, it’s important to acknowledge the high risk due to the coin’s short history.
What’s the Future of DogwifHat Cryptocurrency?
The DogwifHat cryptocurrency is a speculative and risky investment, given its novelty and the scarcity of comprehensive technical data. However, its expanding presence on social media and the humor it introduces to the crypto space make it an intriguing asset to monitor. Perhaps it will reach new highs, driven by the underlying meme value.
If you had invested in the top 100 cryptocurrencies five years ago, you would find that the majority have underperformed Bitcoin. In fact, since 2018, Bitcoin has outperformed 97% of the other cryptocurrencies in the top 100. This trend is likely to continue, emphasizing the importance of understanding the odds are against you picking the right cryptocurrency.
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