Review of WIF: Another 10,000-fold coin on Solana, what is the story of "Hat Dog" getting rich?

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If you have been paying attention to the meme field, you will find that a common symbol appears in all meme pictures recently - woolen hat. This beanie comes from the meme coin WIF on Solana's chain, a Shiba Inu wearing a pink beanie.

Currently, according to birdeye data, as of writing, the price of WIF has reached $1.75. In addition to price, WIF's market value has also soared to US$1 billion, becoming the fastest meme coin in Solana's history to reach a market value of 1 billion. Facing this "hat dog" heat wave, WIF's 24-hour trading volume surpassed USDT. On March 3, it directly surpassed BONK with a total market value of US$1.7 billion.

In the fierce meme war of Solana, why does WIF stand out? BlockBeats summarizes the available material below.

No community, no narrative opening, WIF’s journey of ten thousand times

WIF can be said to be a "from scratch" project. When it comes to the narrative of WIF, the only thing that comes to mind is the knitted woolen hat on the head of the Shiba Inu. In late December 2019, images of various logos and images added to beanies as profile pictures among esports organizations and celebrities became popular on Twitter.

It was in this context without other stories that WIF achieved a 10,000-fold increase in less than 4 months.

WIF's currency issuance process is quiet. According to birdeye data, WIF opened at a price of $0.00016 as early as November 20 last year. However, the first tweet posted by its official Twitter account was dated December 29, and it was just a forwarded content and not original.

Looking at the price curve of WIF, it has begun to rise since mid-to-late December last year, and it was during this period that the Official Twitter appeared.

In fact, it can be seen that WIF has been on an upward trend since its opening and has not fallen significantly. However, the end of last year was the meme season of Solana, and hundreds of coins and thousands of coins emerged in an endless stream, especially the "silly dragon" led by Solana Lianchuang Anatoly to call orders. ” There was an increase of tens of thousands of times, so this WIF, which only showed a short stretch, was not taken seriously.

Related reading: " Revisiting Silly's Journey: How did a dragon become Solana's spiritual totem?"

On January 11, a huge transaction on WIF resulted in a loss of 77,247 SOL (7.7 million U.S. dollars). The reason was that WIF had only 2.7 million SOL liquidity at the time. This transaction also caused WIF to instantly reach $3.99. Just one month later, WIF's liquidity has now exceeded 14 million.

This "caught"whale used 86,738 SOL to buy 17.22 million WIF. Calculated at the current US$1.75, its value reaches more than 30 million, and it is still in a high profit state. It is worth noting that the whale’s on-chain ID can be guessed to mean “WIF on Bianance”. One week after this transaction, Binance announced that it would launch WIF’s 1-50x U-standard perpetual on January 18. contract. Subsequently, the cryptocurrency trading platform Backpack also launched WIF spot trading on January 24.

In addition, BitMEX co-founder Arthur Hayes has always been optimistic about WIF. In the article " Arthur Hayes: After Bitcoin fell below $35,000, prepare to buy the dips ," he said, "Once Bitcoin falls below $35,000, I will start buy the dips and Continue to buy Solana and WIF.”

In addition to the orders from major KOLs, the time point when WIF really started to embark on a journey of 10,000 times was March 1. At that time, Robinhood announced the launch of WIF. For a time, not only WIF believers, but also other crypto enthusiasts turned their attention to WIF. After receiving WIF, smart money players on the chain immediately took out millions of WIF. According to Lookonchain monitoring, a newly created wallet withdrew 16,160 SOL ($2.15 million) from Binance and purchased 2.43 million WIF at an average price of $0.8871.

As a result, WIF also successfully broke through $1, and Coinbase rated it as the first Dogecoin to break through $1. Subsequently, on March 2, Arthur Hayes also tweeted again that he was bullish on WIF, believing that it could rise above $2.

Like DOGE and "rat barn"

Because of WIF’s Shiba Inu image and its skyrocketing development path after being listed on Robinhood, many people are reminded of DOGE back then.

DOGE serves as a guide for many retail investors to enter encryption. During the "GameStop" and AMC stock battleground in 2019, Robinhood and a number of local U.S. brokerages announced that they had closed positions in stocks such as GME and AMC. After being unable to buy these stocks, retail investors and a large amount of funds began to target dogs. currency.

After the introduction of Dogecoin, retail investors continued to make history on Robinhood, which ranks No. 1 on the free list of the US App Store. At that time, the highest price of Dogecoin once reached $0.0875, an increase of 1014%.

Related reading: " The DOGE currency surged 10 times in one day and became a trending topic on Weibo and Twitter overnight "

Perhaps the mutual success of Robinhood and Dogecoin has made retail investors pay special attention to the meme on it, thus driving the rise of WIF. But unlike DOGE, WIF's development path has traces of a "rat barn".

BlockBeats roughly checked WIF's official Twitter. As of now, the official has not launched any incentive projects. Although the frequency of tweets is very frequent, the content is simply forwarding related topics and posting meme pictures of Shiba Inu wearing different hats. Not only was the first tweet one month later than the contract was released, but the account was created in April 2023. The two blank time windows make people suspect that this account is just a second-hand product.

If "random operation" is a privilege exclusive to meme projects, then the deep insertion on January 10 seems difficult to justify. At that time, the price of WIF was still hovering at the order of 0.1. This price has increased a thousand times since the opening. Who can be 100% sure that WIF will rise by another order of magnitude? Not to mention losing millions to gamble on a possibility, which is also an unusual action in the encryption industry.

In addition, as mentioned above, the price of WIF has been on an upward trend. The listing on Binance on January 18 and Robinhood on March 1 indeed drove up the price of the currency, but before that, WIF began to quietly pull the price.

On December 18 last year, according to Lookonchain monitoring, a trader purchased 19.86 million WIFs at an average price of $0.01137 by investing in WIF, making a profit of $1.47 million in five days. Subsequently, WIF continued to pull the market until February 27. Amidst the general rise in meme tokens, WIF's 24-hour increase reached 62.0%.

But for meme, when the mood comes up, it is also an option to not do unnecessary research and gain a sense of participation. However, there are still many doubts about why this project, which first had a rise in currency prices before a community was established, soared. BlockBeats would like to remind readers to be cautious when investing and pay attention to risk screening.

Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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