Dogwifhat Pumps on Solana
Dogwifhat (WIF), a memecoin on the Solana network reached an all-time high of $0.2036 on December 19. With rapid growth, WIF challenges BONK as the biggest Solana-based memecoin.
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Solana shows it can be home to more than one memecoin as Dogwifhat surged to its all-time high today. The dog-themed token reached $0.2036 on December 19 before price corrections returned it to $0.1568. But the gains are enough to prove that BONK will not be the only successful memecoin from the smart contract network.
Dogwifhat with the WIF ticker is based on the meme with the same name. Since launching on November 20, the memecoin has witnessed rapid growth. Per Dex Tools, the token has increased over 80,000% since it launched.
What to Know About WIF
WIF is a memecoin with no utility. According to its website, it is just a dog with a hat. Although there is additional information describing it as a symbol of progress and for futuristic transactions, this is merely a joke. The token has a total supply of 1 billion tokens, which is relatively smaller than several other memecoins. Its small supply has contributed to a massive rise in value, allowing it to reach over a cent in less than one month.
Per CoinGecko data, the memecoin reached its peak price today at 0.2036, a massive increase for the token that was trading for a hundredth of a cent a month ago. Its gains have caused people to compare WIF and another Solana-based memecoin BONK. Despite its gains and a market cap of over $150 million, liquidity in the token contract is just around $1.97 million.
Price Corrections
Since reaching its peak, WIF has dropped significantly to $0.15, a sign of price correction. While it still has over 15% gains in the last 24 hours, the drop highlights the volatility of the memecoin. Due to the fall, the WIF market cap, which exceeded $200 million earlier today, has also dropped to $164 million.
However, the price correction is unlikely to affect interest in the token. There are already over 52,000 holders, which will likely keep increasing.
Early Buyers Sit On Profits
Those who gained early exposure to WIF now sit on significant profits due to its gains. One Twitter user, Blockgraze, has made hundreds of thousands on the token after buying it in late November. He claimed that he only purchased the token at the time because he thought it was funny.
Meanwhile, the rapid rise of WIF has also impacted non-fungible tokens. A collection of 550 Dogwifhat NFTs created on Solana has surged in value. The NFTs, which initially traded for around $15, are now worth 10.91 SOL for the cheapest.
However, it is still too early to tell what will become of memecoin. Market aggregators CoinGecko and CoinMarketCap have already listed them. But it is yet to be listed on any centralized exchange. BONK took about a year to get a listing on Binance and Coinbase; time will tell if WIF can last that long.
