Altcoin Spotlight: Dogwifhat (WIF)
It’s been a while since we’ve featured a new altcoin on our altcoin spotlight, and this is mostly because there haven’t been many coins entering the top 50 spaces on CoinMarket Cap…until recently.
This week we are here to discuss a newer altcoin by the name of Dogwifhat. Read on to discover what this coin is, how it functions, and whether or not you should consider buying it.
What is Dogwifhat?
Dogwifhat is what is known as a meme coin. This is a type of cryptocurrency that is based on a particular meme and is intended to be sent viral by users sharing information about the meme coin with their friends. Dogecoin and Shiba Inu are the most famous meme coins to date, although Pepecoin is once again gaining traction.
Like most meme coins, Dogwifhat has no deeper value or intrinsic purpose. Unlike other meme coins, Dogwifhat is very open about this fact, and their website tells anyone who visits that it is “literally just a dog wif a hat.”
This announcement is followed by several poorly done videos of dogs with hats and rap/dance music. It’s safe to say, this project is just a dog wif a hat. Of course, there is also an option to buy the meme coin on the website, but that’s it.
Related: The 101 Guide to Dogecoin
How Does Dogwifhat Work?
Dogwifhat works like all other meme coins. Since there is no backing value, the more people who buy the coin, the higher the price rises. As people sell, the price drops. This creates an unpredictable coin that is only purchased for the laughs.
When Was Dogwifhat Founded?
From what we can tell by the Dogwifcoin Twitter/X page, Dogwifhat was founded in December 2023 by the owners of the Twitter/X page. The owner of the page is not revealed, however there is a white male who does several videos to hype the coin.
While we can’t say for sure whether the guy in the videos in the creator of the coin, it is likely that he is, and that he is an American living in New York. Besides the occasional video, the page is mostly full of other memes of dogs with hats.
Where Can You Buy WIF?
Currently, WIF is available for purchase on the coin’s website, as well as on several larger platforms such as KuCoin, Binance, CoinEx, Kraken, OKX, gate.io, and MEXC.
If you notice, however, several of these websites have ranked the coin poorly, and as a result, offer limited trading pairs for WIF.
Should You Buy WIF?
Overall, Dogwifhat is a meme coin through and through, meaning it is nothing more than a bunch of people buying into a meme that is ultimately worthless. While we do like that the creators of this project are upfront about their intent (which is no intent). We do not recommend buying WIF unless you have some money you would like to throw away.
There is no investment value, no guarantee your money will be safe, and no guarantee you will be able to buy and sell WIF tomorrow. You are truly better off just not buying into this project. Though if you want to support the dog with a hat image, go for it.
Will Dogwifhat Reach $10?
Currently, the price for one Dogwifhat coin is $2.71. Many individuals are asking if the price of this coin will climb higher than $10, and whether or not it will “go to the moon” like Dogecoin.
In our opinion, anything is possible, especially if someone like Elon Musk finds Dogwifhat and posts it on their page. That being said, even though it is possible, we do not recommend an investment in WIF, because as we said earlier, it is just a dog with a hat, and it is a huge risk. There is no guarantee you will make any money from your investment, and you could truly lose everything.
Are Any Meme Coins Safe to Invest In?
We do not promote the investing of meme coins for the same reason; we do not recommend investing in Dogwifhat. It is simply too subjective and too risky to be a good or worthwhile investment in our eyes.
Remember, cryptocurrency is still a lawless place, and it’s important to research any coin before you invest. Always check the website of the coin owners before buying and ask someone who is experienced in the space for help.
Just know that if the word “meme coin” is ever used in conjunction with a project, it is probably just better off to avoid that project entirely.
What Should You Invest In?
If you’re reading to skip buying the meme coins after reading this article, we recommend looking into reputable cryptocurrency projects like Bitcoin, Ethereum, and Solana. All these projects represent value, and even if they don’t guarantee returns, they are a worthwhile investment.
Related: Solana Overtakes Binance Coin in Popularity
How to Learn More About Cryptocurrency
There are several ways to deepen your knowledge about a variety of cryptocurrency projects. We have listed the methods we recommend using below:
· Blogs about cryptocurrency (Like MintDice.com, CoinDesk, and more)
· Crypto News Sites (Like Crypto.news)
· Read books about cryptocurrency
· Check out forums like Reddit and BitcoinTalk
· Take a class about cryptocurrency
Of course, you can also just check out a coin’s website to see if it is legit, though it will take some knowledge to come to this conclusion, so we recommend cross referencing with the information of one of the previously listed methods.
All in all, meme coins like Dogwifhat can be fun to engage in, but make sure you are fully aware of the risks of doing so before you begin. The creators of Dogwifhat don’t lie to you; this isn’t some deep project; it is truly just a dog wif a hat, so if you do decide to invest, do so at your own risk.
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