$WIF has been one of the most talked about meme tokens on the Solana Blockchain after it successfully overtook PEPE’s dominance.
The token successfully increases its market capitalization due to its successful word-of-mouth marketing where it solely relies on its community.
However, many degen traders still do not know what this token is or what products it has that make it so popular.
What is $WIF
$WIF is an SPL token-based meme coin that was created by anonymous meme coin enthusiasts on the Solana Blockchain.
DogWifHat Official’s Site Home Page / Source: Dogwifcoin Official Site
The project is pretty straightforward, which is that it is a meme coin project that still does not have any products aside from its community.
Its token is called $WIF which was taken from its name, dogwifhat. Dogwifhat refers to the term dog with hat, which is the project’s logo and mascot.
The word wif came from the word with but is mentioned in a British accent, which is the origin of this meme coin.
There is not much information on it aside from what it is, what its token’s movement looks like, and its smart contract information.
On its official site, there is no information about its roadmap, its team, and its past accomplishments.
DogWifHat’s Ecosystem
Looking at the official site, two products are stated, which are its decentralized exchange or DEX and an upcoming hat generator.
DogWifHat DEX / Source: Dogwifcoin Official Site
The DEX itself does not look like it was made from scratch. It is created with an API or application programming interface from another existing DEX on the Solana Ecosystem which is Jupiter.
Users can tell by the Jupiter Exchange logo on top of its swap feature, which usually represents the fact that the swap feature was built by Jupiter.
This is not something to be ashamed of, however, as many decentralized applications on Solana use the Jupiter Exchange API to build its swap feature, such as MarginFi.
DogWifHat Official’s Site Home Page / Source: Dogwifcoin Official Site
But with that in mind, this means that $WIF does not have its product as there is no specific information detailing its ecosystem.
There is information on an upcoming hat generator application, but there are no details yet on the product.
Speculations rise with the information of this upcoming product, where some say that it will be an NFT Generator or just a plain simple “game” feature to swap hats on a dog picture.
No information has been detailed by the team, which is why there is nothing to be said yet specifically about this product.
$WIF Token Economics
Looking into Dogwifhat’s top product, which is $WIF, it can be seen that most of the supply has already been circulating in the market.
$WIF Token Supply / Source: SolScan
According to data from SolScan, which is the number one blockchain scanner or explorer for Solana, there are currently 998.9 Million $WIF circulating in the market.
This is because the token was launched without any vesting period or specific allocations whatsoever, as all of it goes to the public.
However, the initial supply of $WIF was 1 Billion, but the team behind it decided to burn some after the launch of this token occurred.
Looking at the top holders, it can be seen that most top holders are exchanges, which can be a good sign of fewer pump and dump possibilities in the future.
But keep in mind that this is still a meme coin project, so volatilities are something that cannot be detached from $WIF.
Conclusion
Overall $WIF is just another meme coin project trying to capitalize on the Solana meme coin hype.
There are possibilities that the project developed a new product that makes it better, similar to what $DOGE and $SHIB did, but currently, there are no talks yet among the communities to develop a new product.
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