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What Is Dogwifhat ($WIF) and Is It a Scam? Reviews, Opinions, and DYOR
03/22/2024

What Is Dogwifhat ($WIF) and Is It a Scam? Reviews, Opinions, and DYOR

03/22/2024
4,4

This token caused the price of $SOL to rise and launched a boom in meme coins based on the Solana Network. Let's check if dogwifhat is a scam and what is its secret.

Have you heard about the new meme token based on Solana? A dog with a hat is the symbol of this token, and it took off on the wave of enormous support from the Solana community, the token itself, and the overall boom of meme coins on this blockchain.

You won't find a large and detailed description of the token, since it is, literally, just a dog with a hat. Only it is written in a cheerful manner — a dog wif a hat. So what is the hidden phenomenon of the project and is it a scam? Let's figure it out.



Dogwifhat Reviews and Opinions: X and Reddit 

As usual, we decided to start with the most important thing — people's opinions. We decided to survey them in the two most popular communities for discussion: X and Reddit. 

X Opinions 

At first, we asked Cryptonica X followers to define their opinions about the project. The results of the poll are the following: 

Only a few people have voted in the poll at this point, but we still have a week ahead for the results. So you can both take part in the survey and monitor how people vote on the project. In addition, if you have any feedback, add it to the comments in our X!

Interestingly, when we enter the name of the $WIF coin into the search bar in X, we don’t get enough opinions or reviews of the project. Users joke now and then, share memes, and figure out what $WIF is, but there are no clear opinions at all. Yes, $WIF was trending quite recently... but it was trending precisely because of unexpectedly high demand and rising prices.

One of the users reviewed two tokens that are now worth considering from the point of view of price growth. This includes, of course, $WIF and the second token, which we have already considered, $BONK. The publication notes that the coin may very soon grow even more, and we need to wait for the end of March.

We also found a publication that says that an NFT with an original dog in a hat was sold for $4.2 million! Just imagine the scale of the hype:

We didn’t find any more interesting publications in X, because everything else is either spam or warnings about scams, and users should not trust random users about some kind of distribution of $WIF tokens:

Reddit Opinions 

What about Reddit? Finding opinions about $WIF was not as difficult as in X. The very first Reddits are dedicated to why the project is on hype and heading into space, although no one is talking about it. For example:


Source and Copyright © Reddit

In the answers, you can find different opinions. Someone 3 months ago thought that this was another scam coin:


Source and Copyright © Reddit

We wonder what he or she is thinking now.

There is an opinion that project devs want to make another $BONK from the coin:


Source and Copyright © Reddit

There is also a separate Reddit about whether $WIF is the new $BONK:


Source and Copyright © Reddit

We were interested in the answer that yes, this is a new bonk. And the user gives positive arguments for this take. For example, this is the only meme coin that is at least somewhat original and is also based on a meme, and not on fruits or vegetables, like the $QUAC token, by the way.  


Source and Copyright © Reddit

There was some criticism of the token and the project. The user suggests stopping wasting time on yet another meme coin and comparing it with $BONK. 


Source and Copyright © Reddit

So, having looked at everything about the $WIF token and the dogwifhat project, we can conclude that the audience is divided into those who believe in the coin, follow the hype, and do not believe in the project, considering it just another meme coin.

Let's set this part of the project:

Community, Website, and Social Media Accounts

Platform X Telegram
Subscribers 66,9k 19,5k
Comments 200-300 comments per post Quite active community discussions
Reposts 100-200 reposts per post ----------
Engagement high medium
Community 4 from 5 3 from 5

Project’s X account consists mainly of reposts: from Forbes and Bloomberg publications to memes about a dog in a hat. But, if you look for the dogwifhat account’s posts, you will notice that they get a lot of views and likes, and people are sincerely happy that the coin they believed in is growing. In general, we can say that the account is not so structured, and it is difficult to find updates on the project itself from, in fact, the creators of the project.

In Telegram we see a group where users can communicate and share their thoughts and actions regarding the project. What can you say about this group? There is a feeling that some of the subscribers are bots; can be tracked by names. There is a BuyBot in the group that appears to notify users of the $WIF purchases from the markets.

The project does not have any other social networks, so feel free to go to the website. So, this is what we see when we get to the official website of the project:


Source and Copyright © dogwifhat

As we can see, the site is truly meme-like. What does the paragraph say? 

WIF ISN'T LITERALLY JUST A DOG WIF A HAT; IT'S A SYMBOL OF PROGRESS, FOR FUTURISTIC TRANSACTIONS, A BEACON FOR THOSE WHO THINK AHEAD. IT'S CLEAR THAT THE FUTURE BELONGS TO THOSE WHO EMBRACE INNOVATIONS LIKE WIF, TRANSCENDING BOUNDARIES & PAVING A NEW ERA IN FINANCE AND TECHNOLOGY.

It's funny that the creators decided to highlight their project in this way. No pompous speeches, just what it really is. Just a dog in a hat.

In fact, there is also an audio message on the site in which someone says that they spoke with the president of Kurdistan, who said that he would make some currency the official currency of the country. We still didn’t understand whether it was $WIF or not, even after listening to the audio recording many times. Interesting entry; we did not find any news on this topic.


Source and Copyright © dogwifhat

The website, as we already said, is truly meme-based, there are reviews about the project from anonymous hat holders that it’s brilliant to just put a hat on a dog, make a meme out of it, and then call the token by this meme. In general, there is no more information on the site: only social networks and a chart. No WhitePaper, no word about the team.

We set up the site and social networks:

Founders and Investors of dogwifhat

The $WIF meme coin was launched in November-December 2023 with a price of $0.001. As for the founders of the project, we only know that the founder of the project is an anonymous developer. That's all. Interestingly, in the first two days of sales, he shelled out his $350 million WIF for $511 SOL ($29,000 at that time). A few months later they turned into $693 million! Of course, he still has some $WIF left that he hasn’t sold, but that’s an interesting fact to consider.

There is also no available information about investors. Perhaps, investors — are the users who successfully jumped on the bandwagon when $WIF began to rise in price amid the Bitcoin rally. 




In general, as you can see, we do not have any input data for a complete analysis. But, we are talking about a meme coin — this is a completely expected story. For this part of the project we set:

$WIF Tokenomics: Supply, Allocation, Use Case

Unlike other meme coins, dogwifhat has simplified its tokenomics and utility for both itself and its users:

  • Supply: A maximum of 998.9 million $WIF will circulate in the network without additional creation. This will contribute to an increase in price as demand increases.
  • Staking and Burning: No, the project does not offer rewards for staking or burning tokens.
  • Speculation in its purest form: The value of the token will depend only on the community and its mood. The coin does not offer any use cases other than being just a meme coin. 

This is exactly the meaning of the project: simplicity, growth on hype, and dependence on the community. This attracts new users to the project because the creators honestly and transparently admitted that there are no complex schemes of operation or usefulness. Nothing. Something like: “You believe in us — we are growing. If no, then no" .

Therefore, we repeat to you our favorite motto: “DYOR, friends, and you will be protected!” Never get carried away, but always do your research on any project, no matter how honest and transparent it may seem to you.

We give this the following rating:

$WIF Current Price


Source and Copyright © TradingView

The price of $WIF is hovering around $2.26 today, with a trading volume of $340.65 million over the past 24 hours.

In the early stages, the coin's value fluctuated between $0.004 and $0.40 during December 2023 and January 2024. In late February 2024, amid a market rally, dogwifhat rose to an all-time high of $2.46 by March 10, 2024. In just a few weeks, $WIF became the first major meme token to break the $1 price barrier. This achievement is even more important given that the popular and established meme coins Dogecoin and Shiba Inu are now trading at more minimal prices, $0.16 and $0.000027, respectively.

Bottom Line: Is dogwifhat a Scam or Not?

With its growing popularity, $WIF can indeed be considered an attractive investment asset, especially for meme coin enthusiasts. At the same time, it is worth remembering that the creators warned everyone who wants to be part of the community: the higher the interest and the more positive the reviews, the better, which means the price goes up. And, if suddenly something happens, as, for example, happened with another meme coin from the same rally, $SLERF, when the developer burned the tokens intended for the airdrop, then the price will immediately collapse. However, the latter, the developers of $SLERF, decided to apologize to users and are offering them an NFT worth $10 million.

Yes, dogwifhat stands out among meme coins: it does not have tokenomics as such, its price depends on the mood of the community, you do not need to study official papers for a long time, etc. Nevertheless, users must understand what exactly this means. In addition to ease of ownership, the coin can also cause losses. Therefore, precisely because $WIF has no utility, the token must be monitored even more scrupulously.
 
Regular updates, focus on the community, popularity, and connection with Solana make the project interesting and attractive for investment, and hype news, such as the community's plans to display dogwifhat on the Las Vegas Sphere LED display, can attract even more followers.

Again, be vigilant and careful when researching the project. If you have free funds to invest and you can dispose of them freely, you should in any case do your research many times before investing in meme coins. And if there are no free funds, then it is better to just observe from the outside and be informed. DYOR, friends!

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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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