Dogwifhat's Value Plummets 91% From All-Time High

Dogwifhat (WIF) is a meme coin built on the Solana blockchain, inspired by a viral photo of a Shiba Inu dog wearing a pink woven hat. The coin gained significant traction within the crypto community, particularly due to the support of influencers like Ansem. The community's rallying cry, "the hat stays on," became a symbol of their dedication to the token. Despite its lack of revolutionary technology or utility, Dogwifhat quickly rose to prominence, becoming one of the largest meme coins by market cap after its launch in November 2023.

WIF's journey has been marked by extreme volatility. In December 2023, the coin experienced a 2,000x price swing within a single month, turning some early investors into millionaires. However, by March 2025, the token's value had plummeted to nearly $0.43, a 91% drop from its all-time high of $4.83. The dog in the viral photo, named Achi, is a Shiba Inu who lives in South Korea with her owners. The photo, taken when Achi was just two months old, became an internet sensation and the face of the Dogwifhat meme coin. The owners initially reacted positively to their dog's newfound fame, even auctioning an NFT of the original photo. However, the decision to mint the NFT on the Ethereum blockchain rather than Solana sparked controversy within the Solana community.

The meme originated from professional Fortnite player and streamer Issa, who set the picture as his Twitter profile picture in 2019. The meme quickly spread to other esports communities, with players and streamers adopting the iconic dog picture as their profile images. YouTuber Keemstar further popularized the meme by setting his Twitter profile picture to the dog wearing a hat with his logo. Despite Issa's involvement in the meme's creation, he claims to have no affiliation with the Solana meme coin and has launched his own Dogwifhat token on Ethereum with less success. The creators of the Solana WIF token remain anonymous.

In February 2024, the "Sphere Wif Hat" campaign was launched to raise funds for advertising Dogwifhat on the largest screen in the world: the Sphere in Las Vegas. By mid-March, the goal of $650,000 was reached, but as of March 2025, the advertisement had not materialized. Concerns were raised about the silence of the campaign's organizers, including pseudonymous WIF bull Ansem. In June, one of the organizers, Mihiri, promised to return the funds if the campaign was canceled. The funds are held in a multi-sig wallet, which requires multiple wallets to sign a transaction for it to be processed. The wallet currently holds nearly $698,000 in the USDC stablecoin, along with $842 worth of Solana (SOL), and a litter of meme coins. The Sphere representative clarified that there was and is no plan for Dogwifhat to appear on the venue, adding that Sphere only accepts advertising from exchanges and about Bitcoin. Despite this, the meme coin's official account maintains that ongoing negotiations are in progress for the Sphere ad placement.