dogwifhat

Halal Rating :
Comfortable
Last Price $1.7 Last updated:
Rank 70
1D Change -6.11 %
Market Cap $1.67b
Circulating supply 998,841,680
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Memes
  • Solana Ecosystem
  • Doggone Doggerel
  • CMC Crypto Yearbook 2024-25

Purpose and Utility

Dogwifhat (WIF) is a meme cryptocurrency launched on the Solana blockchain in December 2023. The project's branding centers around a dog wearing a winter hat, following in the tradition of dog-themed cryptocurrencies. While it began as a meme token, the project has developed some basic utility through merchandise sales and community governance.

Business Model and Development

The project operates primarily as a community-driven token with basic governance rights. The team has launched an NFT collection and merchandise store where WIF can be used as payment. The project maintains active development on Solana with regular updates to their smart contracts and ecosystem.

Real-World Adoption

WIF has gained significant trading volume on major exchanges including Binance and Bybit. The token has achieved a market capitalization exceeding $300 million as of early 2024. While primarily used for trading, there is growing adoption of WIF for merchandise purchases and NFT trading within its ecosystem.

Token Distribution

The initial token distribution included no pre-mine or team allocation, with tokens distributed through fair launch mechanisms. This reduces concerns about founder enrichment schemes. The project demonstrates transparency in its operations and token economics.

Crypto Impact

To assign a comfort level investing in dogwifhat from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to dogwifhat.

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