Kane Pepi
Last updated: | 14 min read
Solana meme coins are trending right now. This makes dogwifhat (WIF) a popular investment for speculative traders. Since launching in December 2023, dogwifhathas increased by 82%.
Learn how to buy dogwifhat coin in 2024. We explain where and how to invest in WIF safely, and what risks to consider before proceeding.
How to Buy Dogwifhat Coin – Quickfire Tutorial
Buy dogwifhat coin in under five minutes by following the 7 simple steps below:
- Step 1: Decide Where to Buy Dogwifhat: The easiest way to buy dogwifhat is via an online exchange. There are several options to choose from, but we’re opting for MEXC. Not only is MEXC safe and beginner-friendly, but it doesn’t charge spot trading fees. What’s more, the minimum debit/credit card deposit requirement is just $50.
- Step 2: Assess How Much to Invest in Dogwifhat: Based on current prices, you’ll pay about $0.30 to invest in dogwifhat. This means you can buy hundreds of coins without risking too much. However, your investment size must align with your budget and day-to-day expenses. Put otherwise, keep your investment stakes sensible.
- Step 3: Research the Risks and Rewards: Unlike other cryptocurrencies, dogwifhat doesn’t have a whitepaper. Therefore, you’ll need to think outside the box when researching dogwifhat. Start with the dogwifhatprice chart on CoinMarketCap. Explore market capitalization, trading volumes, token holders, and other key metrics.
- Step 4: Register With a Crypto Exchange: After researching dogwifhat, open an account with a crypto exchange. This initially requires an email address and a password. It’s worth completing the KYC process straightaway. This will enable you to buy dogwifhatwith everyday payment methods, like a bank account or a debit/credit card.
- Step 5: Add Funds to Your Account: You can now deposit funds into your exchange account. Make sure you’re aware of payment fees and minimum deposit requirements.
- Step 6: Set up a Dogwifhat Trading Order: Similar to buying stocks, you’ll need to set up a trading order when investing in dogwifhat. Beginners should ensure a ‘Market’ order is selected. Choose the investment size and confirm the order. You’ve just bought dogwifhat– the coins should now be in your exchange web wallet.
- Step 7: Store Dogwifhat in a Wallet: You can keep your dogwifhat coins in MEXC, or whatever exchange you opted for. However, the safer option is to keep your coins in a ‘private’ wallet. It should be a non-custodial wallet that supports the Solana network. This ensures you own your dogwifhat coins 100%, and that you don’t need to trust a third party.
How to Buy Dogwifhat Coin – Full Step-by-Step Guide
We’ll now move on to our in-depth guide on how to buy dogwifhat in 2024. Read on for a beginner-friendly step-by-step tutorial
Step 1: Decide Where to Buy Dogwifhat Coin
Cryptocurrencies trade on exchanges; dogwifhat is no different. Multiple exchanges list dogwifhat, so you’ll need to do some research. This ensures you choose the best crypto exchange for your requirements.
Some of the metrics to consider:
- How much liquidity does the exchange attract on dogwifhat markets?
- What dogwifhat trading pairs are offered? (e.g. WIF/USDT)
- What commissions will you pay when buying and selling dogwifhat?
- Which payment methods are supported?
- Is the exchange safe? Does it have verifiable proof of reserves?
Based on the core questions listed above, we found that MEXC is the best place to buy dogwifhat coin. It lists the WIF/USDT trading pair, offers plenty of liquidity, and provides a safe experience. MEXC accepts debit/credit cards and doesn’t charge trading commissions.
Moreover, MEXC is suitable for beginners and experienced pros alike. For instance, beginners can get started with just $50. While experienced pros can trade dogwifhat with leverage of up to 50x.
Visit MEXC
In addition to MEXC, you might also consider some of the following dogwifhat exchanges:
- Kraken: One of the world’s most popular exchanges, Kraken has been operational for more than a decade. It offers competitive trading commissions and accepts multiple payment types. Moreover, you can trade dogwifhat directly with US dollars. However, do note that Kraken’s KYC process can be slow.
- Raydium: The most liquid decentralized exchange on the Solana network, Raydium offers an alternative investment experience. This is because you won’t need to register an account or provide personal information. After connecting a wallet, you can swap Solana for dogwifhat instantly.
- KuCoin: More than 30 million clients use KuCoin. It offers low trading commissions of just 0.1% per slide. You can trade USDT with dogwifhat; over $2.6 million has been exchanged in the past 24 hours. KuCoin is also popular with seasoned traders – it offers advanced charts and analysis tools.
Step 2: Assess How Much to Invest in Dogwifhat
Even the best meme coins are risky and speculative investments. However, unlike large caps such as Dogecoin and Shiba Inu, dogwifhat has a small valuation. Right now, you’ll be entering the market at a valuation of just over $300 million. This means your investment will witness extreme volatility.
What’s more, dogwifhat attracts tiny trading volumes when compared to other meme coins. This means liquidity can be an issue. With this in mind, think carefully about how much money you risk on dogwifhat. There isn’t a ‘right’ amount to invest, as this depends on your budget and tolerance for risk.
That said, dogwifhat should represent a very small percentage of your overall cryptocurrency portfolio. Consider capping this to 10%.For example, if you’re portfolio is worth $1,000, your dogwifhat investment should not exceed $100. In doing so, your portfolio won’t be overexposed if dogwifhat’s value capitulates.
We’ve created a table that shows how many dogwifhat coins you’ll get by investing at current prices:
| Initial Investment | Dogwifhat Coins (WIF) |
| $100 | 333 WIF |
| $200 | 667 WIF |
| $300 | 1,000 WIF |
| $400 | 1,333 WIF |
| $500 | 1,667 WIF |
| $600 | 2,000 WIF |
| $700 | 2,333 WIF |
| $800 | 2,667 WIF |
| $900 | 3,000 WIF |
| $1,000 | 3,333 WIF |
Step 3: Research the Risks and Rewards
We’ve established that even the best Solana meme coins are risky. While this niche market is booming right now, a sudden trend reversal is always possible. This means you should be aware of the risks before proceeding. Not only that, but you’ll need to assess whether the risks warrant the potential rewards.
In the case of dogwifhat, both the risks and rewards are high. For a start, dogwifhat has a market capitalization of just $300 million. Like any small-cap cryptocurrency, this means dogwifhat experiences high volatility. The value of your investment can rise and fall rapidly, often within minutes. Just one large buy or sell order can influence the market.
That said, a small market capitalization is also a benefit. This is because the upside potential is high – especially when you look at other popular meme coins. For instance, Dogecoin’s all-time valuation is $82 billion. That’s over 273 times dogwifhat’s current valuation.
In addition to the market capitalization, you’ll also need to research the dogwifhat price chart. You can do this on CoinMarketCap. You’ll see that since launching in December 2023, dogwifhat is up 82%. However, dogwifhat has also entered a market correction. It currently trades 37% below its all-time high.
Where is the Dogwifhat Whitepaper?
- Unlike the majority of cryptocurrencies, dogwifhat doesn’t list a whitepaper on its official website.
- You’ll come across third-party websites offering links to a dogwifhat whitepaper but these could be viruses.
- Without a whitepaper, this confirms that dogwifhat has no roadmap targets, use cases, or real-world utility.
- Put otherwise, it’s a classic meme coin based on speculation, hype, and FOMO – so consider the risks of financial loss.
Step 4: Register With a Crypto Exchange
Now you’ve conducted some market research, let’s move on to the dogwifhat investment process. In Step 1, you selected a crypto exchange that lists dogwifhat. You can now visit the exchange and open an account.
The registration process is the same for most exchanges. That said, we’ll show the steps with MEXC so you have a relatable example.
Visit MEXC, click ‘Sign Up’, and choose between an email address or mobile number. Type in your credentials and click the ‘Next’ button. Confirm your email/mobile number to complete the registration process.
Visit MEXC
Step 5: Add Funds to Your Account
If you’re a first-time investor, you’ll likely want to use a debit/credit card to deposit funds. Not only can you use your local currency but the deposit will be processed instantly.
While MEXC doesn’t allow you to keep fiat money in your account, you can use a debit/credit card to buy USDT. You can then use the MEXC exchange to swap USDT for dogwifhat. As we show you in the following steps, this takes secondsand you won’t be charged any commissions.
First, look for ‘Buy Crypto’ at the top of the page. Hover your mouse and click on ‘Debit/Credit Card’. You’ll need to select your local currency and the deposit amount. Make sure you meet the minimum deposit requirement ($50 or currency equivalent). Check the fees before ticking ‘Accept and Continue’. Then, click on ‘Continue’.
Now it’s time for a quick ID verification process. Type in your personal details and upload the requested document. You can choose from a passport, driver’s license, or another government-issued ID. This is a legal requirement at all exchanges, as per anti-money laundering laws. Finally, type in your debit/credit card details and confirm. You’ve just added USDT to your account.
Step 6: Set up a Dogwifhat Trading Order
The final step is swapping USDT for dogwifhat. You’ll need to do this on the spot trading exchange. So, hover over ‘Spot’, click ‘Spot’, and look for the search box on the right-hand side. Type in dogwifhat’s ticker symbol – ‘WIF’. A list of markets will appear – click on ‘WIF/USDT’.
You’ll now need to create an order so MEXC knows what you want to do. Scroll below the pricing chart. By default, a ‘Limit’ order is selected. This requires you to specify your entry price. Change this to ‘Market’ if you just want to buy dogwifhat coin at the current market price.
You also need to specify how many coins you want to buy. Assuming you want to swap all of your USDT tokens for dogwifhat, move the slider to 100%. Then click on ‘Buy WIF’. MEXC will execute your market order instantly. Your MEXC account is now funded in dogwifhat coins – so the investment process is over.
Step 7: Store Dogwifhat in a Private Wallet
The FTX collapse in 2022 should be a reminder to never keep your coins in an exchange. While MEXC is safe, you should always keep your cryptocurrency investments in a private wallet.
More specifically, this should be a ‘non-custodial’ wallet. In simple terms, this means you control the wallet and the dogwifhat coins stored inside. This is because nobody but you has access to the wallet’s private keys.
A list of the best crypto wallets can be found below:
- Best Wallet: A mobile wallet that’s free to download on iOS and Android smartphones. It’s completely decentralized, so you won’t need to provide any personal or contact details. While Best Wallet is a hot wallet, it offers institutional-grade security. This includes multi-factor authentication and biometrics.
- Zengo: Another hot wallet that offers the perfect balance between security and convenience. Zengo comes as a mobile app and security controls include multi-party computation (MPC), biometrics, and email recovery.
- Ledger: One of the best cold wallets, Ledger comes as a hardware device. Ledger is ideal for storing large amounts of cryptocurrency. You’ll need to enter a PIN on the device when authorizing outgoing transactions. Private keys are never exposed to live servers.
Once you’ve withdrawn the dogwifhat coins to your chosen wallet, they’ll remain there until you want to cash out.
How do I Sell Dogwifhat? Best Way to Cash Out Dogwifhat Coins
Now that you know how to buy dogwifhat coin, you might be wondering how to exit your position. Like other cryptocurrencies, dogwifhat trades on exchanges 24/7. This means you can sell your coins at any time. Just make sure you’re using an exchange with sufficient liquidity. If you don’t, you might need to sell at an unfavorable price.
This is another reason why MEXC is the best option – as it attracts plenty of liquidity throughout the day. So, if you want to sell dogwifhat, you can transfer the coins to MEXC. You can copy your dogwifhat deposit address from your MEXC account. And then paste it when making the wallet-to-wallet transfer.
The dogwifhat coins should arrive in MEXC in under a minute. You can then exchange them for USDT. Go to the spot trading exchange, search for ‘WIF/USDT’, and place a sell order. Unless you have a target sale price, make sure it’s set to ‘Market’ order. This means your sale will be executed by MEXC immediately.
An Overview of Dogwifhat Coin
Dogwifhat (WIF) is a meme coin that was launched in December 2023. It’s based on the popular dogwifhat meme, which depicts a Shiba Inu dog wearing a hat. This is typical with meme coins. For instance, Pepe – one of the best-performing cryptocurrencies in recent times, is based on the Pepe the Frog meme.
Dogwifhat operates on the Solana network. However, unlike Solana, it doesn’t have any use cases. Put otherwise, holding WIF doesn’t provide any value. On the contrary, you’ll be buying dogwifhat because you believe its price will increase. This is known as speculative investing, as you’re hoping that more buyers will continue entering the market.
This is how most meme coins work. That said, unlike other meme coin projects, dogwifhat is honest with its investors. Its website clearly states that dogwifhat is “literally just a dog wif a hat”. You should remember this before investing. Ultimately, if the market takes a sudden downturn, you could be left with worthless coins.
Should I Buy Dogwifhat Coin?
Consider the following points before buying dogwifhat:
- 82% Growth Since Inception: According to CoinMarketCap, dogwifhat has already increased by almost 82%. This is based on just over two months of trading. In contrast, consider how many years it would take to earn 82% from an index fund like the S&P 500.
- 37% Discount From Previous Peak: Although dogwifhat is up 82% to date, current prices are 37% below previous all-time highs. If this is a short-term market correction, this represents a great time to buy. This strategy is known as ‘buying the dip’.
- Growing Community: One of the most important characteristics of a meme coin is its community. The more people involved in the project the better. A growing community can help create hype and FOMO. Dogwifhat already has over 45,000 holders. What’s more, it has over 35,000 X followers and more than 10,000 Telegram members.
- Small-Cap Valuation: Dogwifhat has a market capitalization of just over $300 million. The most valuable meme coins are worth several billion dollars. This means dogwifhat could have a long way to go until it peaks. That said, small-cap coins like dogwifhat are also super-volatile.
- No Requirement for Large Stakes: Unlike Bitcoin and Ethereum, you don’t need to invest large amounts to make substantial gains. Dogwifhat currently trades at just $0.30. So, you’ll get 333 coins for every $100 invested. This translates to an attractive risk-reward ratio.
The Verdict?
Not only is dogwifhat a new Solana meme coin with huge upside potential, but it has a growing community. It’s currently a small-cap cryptocurrency too – so first-time investors can target significant growth.
Just make sure you understand the high risks of investing. Dogwifhat coins can be purchased from a trusted exchange like MEXC. You can use a debit/credit card to invest, so it takes just five minutes from start to finish.
Visit MEXC
FAQs
Where can I buy dogwifhat crypto?
You can buy dogwifhat commission-free on MEXC with a debit/credit card. Other dogwifhat exchanges include Orca, Raydium, Kraken, KuCoin, and Gate.io.
Is dogwifhat available on Coinbase?
No, Coinbase hasn’t added dogwifhat to its exchange. Keep an eye on the Coinbase X page for new listing announcements.
Can I buy dogwifhat with ETH?
No, most crypto exchanges support the WIF/USDT pair, so you’ll need some USDT tokens to trade. Alternatively, if you use Orca or Raydium, you can buy dogwifhat coin with Solana.
How much is dogwifhat worth?
Dogwifhat (WIF) currently trades at just over $0.30 per coin. This gives dogwifhat a market capitalization of just over $300 million.
References
- What are meme cryptocurrencies and should you buy them? (CNBC)
- ‘I put my life savings in crypto’: how a generation of amateurs got hooked on high-risk trading (The Guardian)
- Why did FTX collapse? Here’s what to know (The New York Times)
- Is it safe to keep your money in crypto exchanges? Overnight collapse of FTX raises concerns (Fortune)
- Cryptoverse: Every frog has its day as Pepe pops 7,000% (Reuters)
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About the Author
Kane Pepi
Kane Pepi is a financial, gambling and cryptocurrency writer with over 2,000 published works, including on platforms like InsideBitcoins and Motley Fool. He specializes in cryptocurrency guides, exchange and wallet reviews, and covers new crypto projects for Cryptonews.com. His expertise includes asset valuation, portfolio management, and financial crime prevention. Pepi holds a Bachelor's in Finance, a Master’s in Financial Crime, and is pursuing a Doctorate in money laundering in crypto and blockchain. He can be connected with on LinkedIn.
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