Solana Memecoin Fans Raise $700,000 to Advertise Dogwifhat on Las Vegas Sphere, Surging Token Hits All-Time High

Solana Memecoin Fans Raise $700,000 to Advertise Dogwifhat on Las Vegas Sphere, Surging Token Hits All-Time High

Crypto News – The price of the prominent Solana-based memecoin, Dogwifhat (WIF), has soared by an additional 25%, marking a new milestone at $3, as fervent supporters of the memecoin amassed over $700,000 to showcase its logo on the iconic Las Vegas sphere.

“Campaign success: Dogwifhat on the sphere, fully funded,” declared Ansem, a notable figure in the crypto trading realm, to his extensive following of 235,000 on X, in a post dated March 13th.

Dubbed as “Sphere Wif Hat,” the crowdfunding initiative kicked off on March 10th. It has exceeded expectations, garnering over $702,000 in donations denominated in USD Coin, surpassing its initial target by more than $50,000.

Following the triumphant announcement of the campaign’s success, WIF experienced a surge of 25%, briefly catapulting the token to a record high of $3, with a total market capitalization hitting $3 billion, according to TradingView data.

The campaign received substantial support from key players within the Solana ecosystem, with the official social media account of the Solana-based Phantom Wallet actively advocating for further contributions over the preceding three days.

However, it’s worth noting that the organizers of the crowdfunding initiative have yet to furnish any public documentation confirming the acceptance of the marketing campaign by the Las Vegas sphere.

Despite the jubilation within the memecoin community, not all corners of the crypto industry greeted the prospect of Dogwifhat gracing the sphere with enthusiasm, suggesting that such fervor could be indicative of an overheated market.

Ryan Sean Adams, co-host of Bankless, humorously remarked that featuring a crypto project on the sphere might signal the peak of the ongoing bull run, implying that crypto asset prices could witness a subsequent downturn following any such unveiling.

The recent surge in WIF’s price has propelled its total market capitalization to $2.8 billion, surging past the original Solana memecoin, Bonk (BONK), and other dog-themed tokens on Ethereum, such as Floki Inu (FLOKI).

As of the time of publication, Dogwifhat ranks as the 51st largest cryptocurrency by market capitalization and the fourth largest memecoin on the CoinGecko memecoin index, trailing only Pepe, Shiba Inu, and Dogecoin.

WIF has emerged as the top-performing memecoin of the current cycle, boasting gains exceeding 1,000,000% since its inception in late November last year.