Meme coins have enjoyed explosive growth in the current bull market cycle, with Solana tokens in particular attracting a frenzy of degen investors.
Solana-based meme coins such as Bonk, Smog and DogWifHat (WIF) have seen major price runs, with the latter making historical market cap growth to surpass $BOME, $SLERF, and $MYRO.
DogWifCat (DWIFC) is the latest project to join this club, with the meme coin seeing a momentous 2000% price increase within 24 hours of launch.
Due to the complex nature of setting up a wallet, connecting to dApps, and swapping tokens on decentralized exchanges, we have outlined a step-by-step guide on buying DogWifCat tokens with illustrations to take you through the process.
How to buy DogWifCat token (DWIFC) – Step-by-step guide
DogWifCat token can only be purchased on decentralized exchanges and to do so you will first need to create and fund a Solana compatible cryptocurrency wallet.
Remember, meme coins are naturally the most volatile crypto asset class and often have no roadmap or use case. It is recommended to consider your own risk appetite and do your research before investing.
Step 1: Download Phantom and create a new wallet
The first step to buy DogWifCat tokens is to create your own Solana compatible crypto wallet. Our experts recommend Phatom wallet as it is the most widely used to interact with Solana network web3 dApps.
To create a Solana wallet, visit the official Phantom website. Once on the homepage, it will immediately detect whether you are on a PC web browser or using a mobile device.
In this instance, we are using Microsoft Edge browser.
Select Download for Edge and you will be directed to the Microsoft Edge extensions add-on page. Add the Phantom extension to Edge browser and accept the disclaimer acknowledging that it is a third-party app.
Once downloaded, a new browser tab will open and ask you to create a new wallet.
Step 2: Set a password and securely store your seed phrase
Next you will be asked to set a password for your new Phantom wallet. Then you will be provided with the seed phrase which is the master unlock to your Solana compatible crypto wallet.
The seed phrase will be 12 words in a specific order and should be written down and stored in a secure place.
Never screenshot your seed phrase or store it on any device that connects to the internet.
Step 3: Fund your crypto wallet
To purchase tokens on a decentralized exchange or participate in crypto presales, you must first fund your crypto wallet.
Our expert research team recommends buying Solana from a reputable crypto exchange such as Kraken or Coinbase. You should copy and paste your Solana wallet address as the receiving wallet destination when commencing the purchase.
The address can be copied to the clipboard by hovering over the two squares next to ‘Account’ at the top of the Phantom Wallet app.
Keep in mind that $DWIFC can only be purchased with Solana on a decentralized exchange that supports Solana native tokens.
Step 4: Swap Solana for DogWifCat tokens
Once your crypto wallet is funded, you will be ready to buy $DWIFC. Visit the DogWifCat official website, scroll down the page, and navigate to where it says “Available on”, at which point you will see two DEX options: Jupiter and Raydium.
For this demonstration, we will use Jupiter.
Select Jupiter to be taken to the decentralized exchange, find the connect wallet icon at the top right corner, and connect your wallet to the DEX. A widget will pop up at the Phantom extension asking you to approve the connection, which you can confirm.
Enter the amount of Solana you wish to exchange in the widget. Network fees are cheaper on Solana than on Ethereum, costing under 0.003 $SOL. Always leave a small amount of Solana in your wallet to cover swap fees.
Click ‘Swap’, and another widget will pop up at the Phantom extension displaying a summary of the token swap and the network fees. Once confirmed, the token swap will be initiated and within a minute your $DWIFC should appear in the wallet.
Key facts and figures for DogWifCat
- Token supply: $DWIFC has a total token supply of 1 billion tokens.
- 100% token listed on DEX: 100% of the $DWIFC total token supply was listed on DEX. This gives everyone a fair chance to purchase $DWIFC tokens at the price determined by the market, with 100% of the tokens in circulation.
- DogWifHat inspired meme: DogWifCat has taken inspiration from $WIF coin, capitalizing on the current momentum of DogWifHat’s success.
- Low transaction fees: The Solana chain is known for having some of the cheapest network and swap fees when compared with Ethereum and other blockchains.
- DEX liquidity: There is currently $4.21 million of liquidity, meaning there is enough liquidity provision to facilitate large transactions.
- Market cap: Since launch, $DWIFC has reached a market cap of over $10 million, and had a 24-hour trading volume of over $19 million.
- Milestone holders: The project is now approaching 2,000 $DWIFC token holders.
Benefits of buying $DWIFC
- Lower price entry: By buying $DWIFC early, traders and investors have the chance to obtain tokens at a cheaper price. Should $DWIFC follow a similar ath to $WIF, $SMOG, and $BOME, having a lower price entry point will give higher chances to see potential profits.
- Join a vibrant meme coin community: Joining meme coin communities can be a fun experience, and there are frequently challenges, games, and community engagement rewards available to obtain extra tokens.
- Potential airdrops: Investing in projects early can be fruitful in the long run. If the project decides to conduct an airdrop of another token, usually priority is given to the first buyers.
Risks of buying $DWIFC and meme coins
- No utility: $DWIFC is simply a Solana meme coin. It does not have any utility, roadmap or a whitepaper.
- Highly volatile: Meme coins are much more risky and volatile than the more well-known top market cap cryptocurrencies.
- Project longevity: There is no guarantee that the project will survive in the long run, and it simply depends on the token liquidity and community sentiment.
Subscribe to the DogWifCat official Telegram and follow their social community on Twitter for any updates and developments.
FAQs
Why can’t I use MetaMask to buy $DWIFC?
MetaMask primarily supports the Ethereum blockchain, as well as Ethereum forks such as Binance Chain and Avalance, as well as Ethereum layer 2 blockchains like Polygon and Optimism.
$DWIFC is a token launched on the Solana blockchain. Therefore, it requires a Solana compatible crypto wallet to buy and store tokens such as Phantom Wallet.
Can I use other cryptos to purchase $DWIFC?
At the moment there are no other liquidity pairings for DogWifCat. If opting for USDT or USDC on Solana the route of exchange will take you through Solana token.
Will $DWIFC be listed on centralized exchanges?
At the moment there is no indication as to wether DogWifCat will be listed on centralized exchanges. However, it’s always good to keep a check on their social media channels and social community on Telegram for updates.
