The dog has a hat: Can WIF flip DOGE and SOL?

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Big ideas, bold scenarios

For this report, we want to spark your imagination by exploring different scenarios and comparing the leading supercycle meme dog. Can it flip the two most elite assets in crypto: DOGE, the king of memes, and SOL, the fastest horse among layer-1 blockchains?

We will start with DOGE. This coin barely needs an introduction. The first cryptocurrency created purely for fun and humour, DOGE has garnered the backing of none other than Elon Musk and a legion of fiercely loyal followers. It is, without a doubt, the strongest "doge" in the crypto market- a heavyweight contender and a worthy opponent to flip.

Next, we have SOL, the strongest layer 1 blockchain in this cycle. It consistently outperformed both BTC and ETH since the beginning of the bull market. It offers an exceptionally robust playground for memes with platforms like PumpFun, Moonshot and Ape, as well as innovative tech platforms like Jupiter, Kamino, and Nosana. Many top-tier memes have been created on this chain, and it's home to WIF itself and other top memes. Imagine the irony and excitement of a meme asset reaching- and potentially surpassing heights of the chain it's built on.

After all, Anatoly Yakovenko, the founder of Solana, has always championed the idea of multiple projects flourishing on Solana. He would likely celebrate seeing some of these projects not only thrive but also surpass Solana itself in key metrics. While flipping SOL is no small feat, it's undoubtedly a challenge worth dreaming about.

Sounds outlandish? Bold? Hold on to your horses! We're here to tell you why WIF can flip both of these assets and why it might happen sooner than you think.

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Comparative analysis

Let's start with comparing WIF, DOGE and SOL on some of the key metrics that will dictate the future performance of these assets relative to each other.

Supply dynamics

Let's start with the supply dynamics of DOGE. Many don't know, but DOGE is an inflationary token. Every year, it adds 5 billion new tokens to the supply while existing holders constantly get diluted. This is not surprising because DOGE was originally designed to be a meme currency of the Internet rather than a pure meme asset with a fixed supply. So, it wasn't designed to be scarce but rather more fluid. You can read our full breakdown on DOGE here.

Similarly, SOL is also an inflationary token with no supply cap. Validators are subsidised with inflation to secure the network. Currently, the inflation rate is around 5% but will gradually decrease over time until it reaches 1.5%, going flat from there.

With the current market cap, market needs to absorb over $15m of inflation daily just to keep prices flat. Notably, as the SOL keeps growing in price, so does the daily inflation because the amount is defined as the percentage of the market cap. Therefore, as SOL grows, more and more buying pressure is needed to keep the price flat. Even though it has a burn mechanism that helps with that as the chain matures, the story is simple: SOL is an inflationary token with no cap and a lot of uncertainty in its supply dynamics.

In contrast with both DOGE and SOL, WIF is a true meme asset with a fixed supply. Similar to Bitcoin, it offers scarcity and only has a maximum supply of 1 billion tokens, all of which are circulating already.

Launch profiles

Now, let's dig deeper into the history and development of these assets. Launch profile is important because of the narrative and holders the asset attracts. Therefore, let's look at the history of the development of the assets we are covering today, starting with SOL.

Let's not mince words: even though we are fans of Solana, it owes its early success to venture capital and FTX - a bankrupt exchange that went bust in Oct 2022. While it has delivered impressive technological feats, its heavily engineered growth comes with strings attached-centralised token distribution among insiders, the heavy involvement of VCs and only a 2% initial allocation to the public.

As a result, SOL faces a considerable supply overhang due to the heavy involvement of VCs. In March 2025, 7.5 million SOL will be unlocked from FTX, potentially resulting in $1.6 billion worth of selling pressure that the market will need to absorb.

DOGE, on the other hand, experienced much more organic growth than SOL. Many people don't know that DOGE is a native coin of a Proof-of-Work blockchain, similar to BTC and Bitcoin's network. However, unlike Bitcoin or WIF, we know the identities of DOGE's developers. Moreover, the developers profited from their creation and still hold DOGE coins. This makes DOGE less organic and fair compared to BTC, whose creator neither took credit nor profit.

Similar to BTC, the WIF developer provided all of their minted tokens as liquidity and burned the LP tokens. This means that all the tokens minted were permanently locked as liquidity, with no profit taken from minting WIF tokens. Additionally, similar to Satoshi Nakamoto, the identity of WIF's creator remains unknown.

The development of WIF as a meme asset was among the most organic in the market. Originating from the trenches in full circulation, WIF has made its way to top-tier exchanges and Wall Street. Everyone had to buy on-chain and from the open market, making WIF one of the purest meme assets currently in the market.

Mindshare & market presence

Now, let's talk about mindshare. With Donald Trump winning, Elon Musk is heading the Department of Governance Efficiency or D.O.G.E, and he has been a long supporter of DOGE. However, something interesting is starting between him and the dogwifhat. In what can only be described as a blend of serendipity and intrigue, Musk has recently started engaging with the "Dogwifhat" fan page on X (formerly Twitter). And if that wasn't enough, he confirmed during a livestream that he's heard of the dog wearing a hat:

This seemingly offhand mention of "dogwifhat" by Musk, whether calculated or purely coincidental, highlights WIF's ability to capture attention without contrivance.

Adding fuel to the fire, WIF was mentioned by Trump-appointed crypto and AI Czar David Sacks. In his role, David will guide the Trump administration in policies related to crypto and AI. Recently, he made an interesting remark. His statement, while ostensibly about distribution strategy, feels like a wink to WIF's rising profile in the memecoin space:

Overall, while DOGE undoubtedly enjoys the stronger, more established backing from Musk, there's a palpable sense of brewing energy between Musk and WIF. The subtle yet undeniable interactions suggest that something deeper may be in the works. And let's not forget: retail investors have a natural attraction to the new and shiny. Compared to SOL or even DOGE, WIF is a fresher player in this cycle, making it ripe for retail fervour.

Adoption and sticking power

The other thing to note is that WIF is the fastest growing asset in our pack here. In just one year, WIF went from 0 to over 210k holders organically, without airdrops or utility promises. With  this kind of growth, many exchanges feel comfortable to list the meme. In contrast, DOGE has recently been hacked, solidifying the position of WIF as a true meme asset.

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The holy trinity of listings

Let's talk about listings now. Tier-1 listings are the crypto equivalent of a Michelin star- a mark of quality, trust, and broad accessibility. What are the toughest platforms to crack? Binance, Coinbase, and Robinhood are what we call the "Holy Trinity" of listings. Securing a spot on these platforms is no easy feat, and it's a sign of quality for any project.

Why are listings important?

Listings drive liquidity and volume, and these are the lifeblood of any tradable asset. This trio bring assets into the mainstream, offering visibility and accessibility to a global audience. This kind of exposure is critical, especially for projects that aim to move beyond niche adoption and into the broader market.

DOGE and SOL have been enjoying this privilege for some time. But here's the exciting part: Coinbase and Robinhood recently announced the listing of WIF, making it the first and only "trench meme" asset to earn this coveted trifecta. That is huge and signals us where the market is going.

This visibility and recognition come in very handy and at the right time. With upcoming unlocks, inflation, and supply overhang, many will opt to long WIF as a beta asset for SOL and DOGE. That makes sense both are facing supply problems, and WIF is the strongest asset in this memecoin supercycle. Thus, we expect many will be rotating to WIF as a better bet.

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Cryptonary's take

They called us crazy when we said WIF is going to multiply billions. We were FUDed by cabal memes and unit bias fanatics, to which WIF responded with the Holy Trinity of Listings.

We firmly believe WIF can flip both DOGE and SOL sometime next year. Why? Because WIF is the purest, most organic meme asset born from the trenches. It has been around for more than 1 year now and proved that it is here to stay. Unlike DOGE and SOL, there's no inflation, no supply overhang-just a dog wif a hat.

We see all the signs, and we sense that it is coming, and we presented you with the reasons why. You make your own conclusion, but let's be real - if your meme isn't aiming to flip the majors, then you're in the wrong memes. And we're confident we're in the right ones.

Flippening season soon…

Cryptonary, OUT!