Earlier there used to be a text based status in WhatsApp. Now, we have an option to set an image and/or video as your status, just like in Instagram. Apart from that, there is an "About" option in profile, where you can set a text based status. Note that the status with image/video vanishes after 24 hours.
1. Open WhatsApp and open the Status tab.
2. Select an image/video or capture a new image/video to set it as WhatsApp status.