If you want to make money in crypto, narratives and trends are your friends. Memecoins on Solana have started to gain traction in the last few weeks.
BONK has already run extremely hard. If you look at CoinMarketCap, BONK is around $1b in market cap.
This makes it more valuable than Thorchain, Optimism, Arbitrum, Lido, etc.
Only in crypto can memes be more valuable than cutting-edge technology (we can’t believe we are saying this - but it’s the narrative.)
You can like it or hate it, but the market is telling us that memes are here to stay. So, who is next?
Meet WIF, a “dogwifhat”
“WIF is a symbol of progress, for futuristic transactions, a beacon for those who think ahead. It’s clear that the future belongs to those who embrace innovations like WIF, transcending boundaries & paving a new ear in finance and technology.”
NO, IT'S JUST A DOG WIF A HAT. It has no purpose or utility in the traditional sense. It is a MEME.
Disclaimer: Not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
But why is money flowing into Solana memes?
Solana is pumping
Solana ecosystem is witnessing an astonishing ride. Year-to-date, the price of SOL has risen from $10 to almost $80, with its ecosystem growing rapidly.The wealth in the ecosystem is grown. Money continues to flow into Solana, and we believe this trend will continue.
Check here for our full thesis on Solana and why we are bullish about the Solana ecosystem.
Solana is building it’s meme culture
What makes Solana a strong Ethereum contender is its unique design that allows for fast transactions and very cheap gas fees. Therefore, we believe Solana’s ecosystem can pose strong competition to Ethereum’s ecosystem. During the last bull run, Ethereum had a vibrant meme ecosystem.We believe that Solana will also have a vibrant meme sector in this bull market, similar to Ethereum since Solana is closing the market cap gap with Ethereum.
We can already see that the Solana community is building its own meme culture, actively pumping memes that vibe with their values, tastes and profiles.
BONK has already pumped, and many missed that. (you can read our report on BONK here)
Now, the SOL community is looking for a new vibe and meme. That is why we believe $WIF can shine. But can you benefit from that?
Let’s look closer.
Why WIF?
BONK is already up, WIF is next
It is quite that simple. Remember, we are talking about memecoins here.BONK has gone up massively, with a mind-blowing 26,400% return over this year.
If you missed the BONK party, why chase the high when you can enter into WIF on the ground floor
Strong social narrative
Solana users are already vibing on social media and creating memes with the “dogfight”.A strong social narrative is important for the meme coin to establish itself; otherwise, it will follow hundreds of other dead coins.
Therefore, seeing fun posts with random hats is certainly encouraging.
Another point to note is that people are already jumping abroad on the WIF ship.
Below is the number of people holding WIF (at the point of writing).
Now, 9515 holders don’t sound like a lot, but the really exciting thing is that that number has jumped by 8000 new holders since Monday.
So, you can keep tracking that number as a proxy for WIF’s momentum.
Similarly, while Twitter followers may be a vanity metric, follower growth also aligns with the growth in the number of people holding WIF.
The project has 4,865 followers, but more than 3000 followers only started following within the last five days.
Lastly, Coindesk recently covered $WIF and $BONK in the latest article on meme coin on Solana.
Attention is important for memes to take off; media coverage helps draw that attention.
Decent tokenomics
Now, let’s dive into tokenomics.Mcap: $51,356,673 Max supply: 998,926,392 (All circulating) Whale concentration: well-distributed with no single wallet controlling more than 2.5% of the supply, with top 10 holders collectively owning only 145,842,804.27 Tokens (14.60% of the supply)
Overall, tokenomics looks good, with no single party able to dump the price heavily.
Additionally, we are seeing BONK holders have already started rotating funds into WIF – see here and here.
What's the outlook on WIF?
Bullish case for $WIF
WIF Becomes a well-recognized meme coin, gains wide acceptance and enters the Top 100 CMC.In this scenario, we expect a market cap between $500mln - $1B, which puts $WIF’s price between $0.5-$1 per token (900%-1800% multiple from current price)
Conservative case for $WIF
Continues to be accepted as a meme within the subgroup of SOL users.In this case, we would expect the market cap to be between $50mln -$150mln with a price between $0.05-$0.15 per token (100%-200% multiple from the current price)
Bearish case for $WIF
Solana stops rallying, Solana memes lose popularity, and $WIF doesn’t take off.Expected Market cap stays at $10-20 mln, with price around $0.01-$0.02 per token (50%-80% loss) If you are contemplating buying $WIF, you should remember that meme coins have no fundamental value except maybe for entertainment and social commentary.
Therefore, meme coins are volatile, and if you want to invest in memes, invest only what you can afford to lose.
How to buy WIF
If you decide to invest in memes and don’t know how here is what to do.- You need to have Phantom wallet (or other Solana compatible wallets)
- Go to Raydium and connect your wallet
- There are many fake $WIF tokens therefore, use the following address in the swap “To” section: EKpQGSJtjMFqKZ9KQanSqYXRcF8fBopzLHYxdM65zcjm
- Choose the $WIF token and execute the swap
Cryptonary’s take
Solana is trending, and its memes are emerging as an undeniable market segment.If you missed $BONK, $WIF can be your next trendy meme.
Three Cryptonary team members are already in $WIF.
However, you need to consider your risk profile and decide whether memes fit into your portfolio. Cryptonary wif the hat!
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