Dogwifhat (Meme Coin)

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Part of a series on Meme Coins. [View Related Entries]

About

Dogwifhat or $WIF is a Solana-based meme coin inspired by the Dogwifhat meme that depicts a Shiba Inu puppy in a pink beanie. Launched in November 2023 and listed on Binance in March 2024, Dogwifhat ranked in the top 40 cryptocurrencies by market capitalization in late 2024. Holders of the cryptocurrency have actively used the eponymous meme to promote it.

History

Dogwifhat ($WIF) was launched on the Solana blockchain on November 20th, 2023, on decentralized exchanges (launch post shown below).^[1] On November 26th, 2023, the official website for the cryptocurrency was launched.^[2]^[3]

Dogwifhat was listed on the cryptocurrency exchange Binance^[4] on March 5th, 2024. On April 18th, 2024, Coinbase announced^[5] the listing of Dogwifhat perpetual futures. On September 18th, 2024, the coin was listed on Gemini.^[6]

Las Vegas Sphere Campaign

On March 10th, 2024, a campaign to put the Dogwifhat meme on the MSG Sphere in Las Vegas was launched with a goal of raising $650,000.^[7] The campaign was fully funded in three days.^[8] As of October 24th, 2024, the date when the image will appear on the sphere is yet to be announced.

Market Performance

Both the price of the coin and its market cap peaked^[9] at $4.85 and $4.7 billion, respectively, on March 31st, 2024, roughly five months after the launch of the coin. The price of $WIF dropped to $1.14 in early August 2024, rebounding to about $2.5 in the following months. As of late October 2024, Dogwifhat had a market cap of $2.5 billion, making it the 36th cryptocurrency by market capitalization.^[10]

Online Presence

Dogwifhat social media activity is mainly represented by the coin's official X^[11] / Twitter and Telegram^[12] accounts, which, as of late October 2024, had over 100,000 and over 54,000 followers, respectively. A dedicated meme Telegram^[13] channel, @WIF_MEMES, had over 2,400 members as of the same timeframe.

Both the official channels of the cryptocurrency and its holders have actively posted various memes promoting the coin, most notably various Dogwifhat edits, which have also been used as profile pictures by holders of the coin. Dogwifhat is a 2019 profile picture trend based on a photograph of Shiba Inu in a woven beanie, which inspired the meme coin.

The coin is associated with several catchphrases online, most notably the slogan "literally just a dog with a hat" and "the hat stays on," a reference to the Crocs Stay On During Sex meme.

On December 27th, 2019, the subreddit /r/dogwifhat^[14] was created based on the meme itself. However, following the launch of the meme coin Dogwifhat ($WIF) in late 2023, the subreddit shifted and became a community centered around the crypto, accumulating over 3,100 members as of late October 2024.

Dogwifhat

Dogwifhat refers to a photograph of a Shiba Inu dog in a woven beanie. In late December 2019, edits of the image in which various logos and images were put onto the beanie gained significant popularity on Twitter as profile pictures, primarily among eSports organizations and personalities, with the hashtags #dogwifhat and #dogwifhatgang gaining popularity.