Dogwifhat (WIF)

Dogwifhat (WIF)

Most recent update: [April 17, 2024]

What is WIF?

Dogwifhat (WIF) is a popular meme coin on the Solana blockchain, featuring a Shiba Inu adorned with a distinctive pink knitted hat. The project’s website humorously describes the coin as “literally just a dog with a hat.” The name "WIF" is a playful twist on the word “with,” reflecting the lighthearted spirit of the coin.

Despite its straightforward concept, WIF has captured significant interest in the cryptocurrency community, even outperforming many established meme coins in terms of trading volume and market capitalization. Its popularity underscores the appeal of meme culture within the crypto realm, demonstrating the community's fondness for creativity and humor.

Who is behind WIF?

The founders of Dogwifhat remain anonymous, with no public information available about their identities. Additionally, the ownership of the WIF token has been fully renounced, ensuring that no single party controls it. The balance held by the creators has been reduced to zero, preventing any potential influence from the coin's originators. Enthusiasts within the Dogwifhat community, eager to increase the coin's visibility, successfully raised over $670,000 for advertising the coin on the new Las Vegas Sphere.

How does it work?

WIF is hosted on the Solana blockchain, recognized for its rapid transaction capabilities and efficiency. Dogwifhat does not possess any intrinsic utility, nor does it have an ecosystem or future plans for NFTs or other services. It is purely a speculative asset.

The WIF Token and Tokenomics

Fixed supply: The total supply of WIF tokens is capped at roughly 998.9 million, with no intentions to issue any additional tokens.

Pure speculation: The value of WIF is largely dependent on the sentiment of the community and speculative interest.

Security

WIF is an SPL token, which is the standard format for fungible tokens on the Solana blockchain. The security of WIF is subject to the Solana blockchain infrastructure.

Drawbacks and risks

Engaging in Dogwifhat (WIF) carries inherent uncertainties and challenges, predominantly due to the extreme volatility characteristics of memecoins within the volatile crypto landscape. WIF has shown propensity for sharp value shifts, including a notable decline after its initial price surge, a pattern often seen in similar cryptocurrencies. Also, WIF’s performance is closely linked to the Solana ecosystem, making it susceptible to the ups and downs of Solana’s market performance. This interconnectedness underscores the need for potential investors to engage in comprehensive research and risk assessment keeping in mind the speculative and high-risk nature of memecoins investments.

Finally, as common to many Solana tokens and more broadly Proof-of-Stake networks, their blockchain architecture dictates that those with the most staked tokens will have the most sway in the network’s functioning. This effectively places richer wallets in a position of power. Thus, if one person or a group of entities can acquire 50% of the network’s voting power, they would be able to control it.

Due Diligence  

Before listing WIF on the VirgoCX Platform, VirgoCX performed due diligence on WIF and determined that WIF is unlikely to be a security or derivative under Canadian securities legislation. VirgoCX’s analysis includes reviewing publicly available information on the following: 

• The creation, governance, and location of WIF and/or its primary development team;
• The supply, demand, maturity and liquidity of WIF; and
• Legal and regulatory risks associated with WIF. 

Statutory Rights under Securities Legislation

VirgoCX is offering Crypto Contracts on crypto assets in reliance on a prospectus exemption contained in the exemptive relief decision Re VirgoCX Inc. dated May 30th 2022 (the Decision). Please be aware that the statutory rights in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under the securities legislation of each other province and territory in Canada do not apply in respect of the Crypto Fact Sheet to the extent a Crypto Contract is distributed under the prospectus relief in the Decision.

Further Reading

To learn more about WIF, check out these in-depth resources here:

• The official site of WIF
• Coinmarketcap’s overview of WIF
• Coingecko’s overview of WIF
• Coinbase’s overview of WIF, along with the relevant news and blogs related to WIF.