Written by: Luccy, BlockBeats

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

Currently, according to birdeye data, as of the time of writing, the WIF price has reached $1.75. In addition to price, WIF’s market value has also soared to $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.

A fierce meme in Solana Why does WIF stand out in the competition? BlockBeats summarizes the available material below.

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

WIF can be said to be A "made from scratch" project, if you want to talk about the narrative of WIF, you can probably only think of the knitted woolen hat on the head of the Shiba Inu. In late December 2019, images of various logos and images added to beanies became popular on Twitter as profile pictures among esports organizations and celebrities.

It is in this context without other stories that WIF achieved a ten thousand-fold increase in less than 4 months.

WIF’s currency issuance process is silent. 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 only a forwarded content and not original.

Overview of WIF prices The curve began to rise in mid-to-late December last year, and it was during this period that the official recommendation appeared.

In fact, it can be seen that WIF has been on an upward trend since its opening and has not fallen significantly. However, at the end of last year, it was the meme season of Solana, and the price of WIF was hundreds of times that of thousands of coins. Doubling coins are emerging one after another, especially the "Silly Dragon" led by Solana Lianchuang Anatoly to call orders, which has increased tens of thousands of times, so this WIF, which only showed a short stretch, has not been taken seriously.

Related reading: "Revisit 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 US dollars). The reason was that WIF at that time With only 2.7 million in liquidity, this transaction also caused WIF to instantly reach $3.99. Just one month later, WIF’s liquidity has now exceeded 14 million.

This person was "clamped" "The giant whale used 86,738 SOL to buy 17.22 million WIF. Based on 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 "Arthur Hayes: After Bitcoin falls below $35,000, prepare to buy the bottom" In the article, he said, "Once Bitcoin falls below $35,000, I will They will start buying the bottom and continue to buy Solana and WIF."

In addition to the orders from major KOLs, it is the time when WIF really begins to embark on a journey of ten thousand times. The node was March 1st, when Robinhood announced the launch of WIF. For a time, not only WIF believers, but also other crypto enthusiasts turned their attention to WIF. Smart money makers 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 ranked 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 " Mouse Warehouse"

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 GME, AMC and other stocks. 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 first in the US App Store free list. At that time, the highest price of Dogecoin once reached $0.0875, an increase of 1014%.

Related reading: "Up to 10 times in one day, DOGE currency became a trending topic on Weibo and Twitter overnight》

Perhaps Robinhood and Dog The mutual success of Dogecoin makes retail investors pay special attention to the meme on it, thus driving WIF to rise. 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, its content Just repost related topics and post 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 pin on January 10 seems difficult to justify. At that time, the price of WIF was still hovering on 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. It was listed on Binance on January 18 and Robinhood on March 1, which indeed drove up the price of the currency. , but before that, WIF began to quietly pull the market.

On December 18 last year, according to Lookonchain monitoring, a trader purchased 19.86 million WIFs at an average price of US$0.01137 by investing in WIFs, and obtained a profit of Profit of US$1.47 million. Subsequently, WIF continued to pull the market until February 27. Amidst the general rise in meme tokens, WIF rose by 62.0% in 24 hours.

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.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia