Recap WIF: Another 10,000x coin on Solana, what's the致富经 behind the "Hat Dog"?
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Recap WIF: Another 10,000x coin on Solana, what's the致富经 behind the "Hat Dog"?
"Wanbei the Hat Dog," up a hundred thousandfold—did you get on board?
Navigating Web3 tides with focused insightsAuthor: Luccy, BlockBeats
If you've been following the meme space closely, you may have noticed a recurring symbol across various meme images recently—the beanie. This iconic beanie originates from WIF, a meme coin on the Solana blockchain featuring a Shiba Inu dog wearing a pink knitted hat.
Currently, according to Birdeye data, at the time of writing, WIF's price has reached $1.75. Beyond price, WIF's market cap has also surged past $1 billion, making it the fastest meme coin in Solana's history to reach this milestone. Riding this "hat dog" wave, WIF's 24-hour trading volume surpassed USDT, and on March 3, its $1.7 billion total market cap overtook BONK directly.
In the fiercely competitive Solana meme landscape, why has WIF stood out? BlockBeats summarizes existing information below.
No Community, No Narrative—WIF’s Journey to 10,000x
WIF could be described as a "self-made" project. As for its narrative, perhaps the only thing to point to is the woven beanie atop the Shiba Inu's head. In late December 2019, among esports organizations and celebrities, adding various logos and images onto beanie-themed profile pictures became a trend on Twitter.
Against such a backdrop devoid of elaborate storytelling, WIF achieved a 10,000x increase within less than four months.
The launch of WIF was quiet. According to Birdeye data, WIF debuted as early as November 20 last year at a price of $0.00016. However, the project's official Twitter account posted its first tweet on December 29, which was merely a retweet rather than original content.
Looking at WIF's price chart, an upward trend began in mid-to-late December last year—the same period when the official Twitter account emerged.
It's clear that WIF has maintained an overall upward trajectory since launch, without significant drawdowns. However, at the end of last year during Solana's meme season, hundredfold and thousandfold tokens were emerging constantly. Especially notable was "Silly Dragon," endorsed by Solana co-founder Anatoly, which saw gains exceeding 10,000x. Thus, WIF's brief surge initially went unnoticed.
On January 11, a massive trade involving WIF resulted in a loss of 77,247 SOL (worth $7.7 million), simply because WIF then had only $2.7 million in liquidity. This trade spiked WIF’s price instantly to $3.99. Just one month later, WIF's liquidity has now exceeded $14 million.
The whale caught in this squeeze used 86,738 SOL to buy 17.22 million WIF tokens. At the current price of $1.75, their holdings are worth over $30 million—still highly profitable. Notably, clues from the whale’s on-chain ID suggest anticipation of “WIF on Binance.” One week after this transaction, Binance announced it would list WIF perpetual contracts with up to 50x leverage, starting January 18. Subsequently, crypto exchange Backpack listed WIF spot trading on January 24.
Additionally, Arthur Hayes, co-founder of BitMEX, has long expressed optimism about WIF. In his article titled *Arthur Hayes: Preparing to Buy the Dip After Bitcoin Falls Below $35,000*, he stated, “Once Bitcoin drops below $35,000, I’ll start buying the dip and continue accumulating Solana and WIF.”
Beyond endorsements from major KOLs, the real turning point for WIF’s 10,000x journey came on March 1, when Robinhood announced it would list WIF. Suddenly, not just WIF believers but the wider crypto community turned their attention to the token. On-chain smart money players immediately began accumulating millions worth of WIF. According to Lookonchain, 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 successfully broke above $1, earning recognition from Coinbase as the first dog-themed cryptocurrency to achieve this milestone. Then, on March 2, Arthur Hayes tweeted again expressing bullish sentiment on WIF, predicting it could surpass $2.
Resembling DOGE—or a Pump-and-Dump?
Due to WIF’s Shiba Inu imagery and its post-Robinhood-listing surge, many are reminded of DOGE’s early days.
DOGE served as a gateway into crypto for many retail investors. During the 2019 "GameStop" and AMC stock frenzy, Robinhood and several U.S. brokers halted opening positions on GME and AMC stocks. Unable to buy these stocks, retail investors and capital flowed toward Dogecoin instead.
After Dogecoin’s inclusion, users made history on Robinhood, the top-ranked free app in the U.S. App Store. At its peak, Dogecoin reached $0.0875—a 1,014% increase.
Perhaps the mutual success story between Robinhood and Dogecoin heightened retail interest in memes listed there, contributing to WIF’s rise. But unlike DOGE, WIF’s development shows signs resembling a pump-and-dump scheme.
BlockBeats reviewed WIF’s official Twitter account, which—up to now—has launched no incentive programs. Despite frequent posting, content consists solely of retweets and variations of the beanie-wearing Shiba Inu meme. The first tweet appeared a full month after the contract launch, and the account itself was created as early as April 2023. These two blank periods raise suspicions that the account might be a second-hand operation.
If “casual management” is considered a meme project’s privilege, the extreme spike on January 10 remains difficult to justify. At that time, WIF was still trading around $0.1—already a 1,000x gain from its initial price. Who could have been certain it would rise another order of magnitude? Let alone risking millions on such speculation—an uncommon move in the crypto space.
Moreover, as previously mentioned, WIF’s price has consistently trended upward. While listings on Binance (January 18) and Robinhood (March 1) boosted prices, WIF had already begun quietly pumping before these events.
On December 18 last year, Lookonchain reported that a trader bought 19.86 million WIF at an average price of $0.01137 and made a $1.47 million profit within five days. WIF continued its ascent, and by February 27, amid a broad rally in meme tokens, WIF surged 62.0% in 24 hours.
However, for meme coins, emotional momentum often outweighs deep analysis—simply participating can be enough. Yet the fact that WIF’s price rose before any real community formed raises numerous red flags. BlockBeats reminds readers to exercise caution and carefully assess risks when investing.
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