Dogwifhat (WIF) is a meme coin based on the Solana blockchain, featuring a playful theme centred around a Shiba Inu wearing a knitted hat. It functions as a speculative asset in the cryptocurrency space, driven by community engagement and interest rather than offering a particular utility or technological innovation. The coin embodies decentralised governance where holders can vote on its future, creating a community-focused atmosphere.
Dogwifhat operates as an SPL token on the Solana blockchain, utilising the Proof of History (PoH) consensus mechanism for fast and secure transactions. The fixed supply of 998,926,392 WIF ensures that the token's value is based largely on market speculation and community interest. Although it does not utilise traditional smart contracts, the SPL token standard allows for integration into Solana-based decentralised applications (DApps).
As a meme coin, Dogwifhat's primary use cases lie in speculative trading and community engagements. The coin can be integrated into decentralised applications on the Solana network, expanding its usability. Partnerships, such as with Miss Rose, a renowned Telegram bot, showcase its potential presence in social media and communication platforms, promoting interactive community engagement. It is also popular in the crypto trading sector due to its listings on major exchanges.
Launched on November 20, 2023, Dogwifhat was created by anonymous developers, drawing inspiration from meme culture and successful predecessors like Dogecoin and Shiba Inu. Initially listed on Raydium DEX, it gained prominence following listings on exchanges like Binance, contributing to its significant market capitalisation. The coin has experienced notable price movements, such as reaching an all-time high of $4.80 on March 31, 2024, and subsequent integrations into platforms like Robinhood, enhancing its visibility and market presence.