The price of Dogwifhat (WIF), a popular Solana-based memecoin, has skyrocketed by an additional 25% to hit a record high of $3. This surge comes as supporters of the memecoin successfully raised over $700,000 to advertise its logo on the Las Vegas sphere.
The crowdfunding initiative, dubbed “Sphere Wif Hat,” commenced on March 10 and has surpassed its initial goal of $50,000 by generating over $702,000 in donations denominated in USD Coin (USDC). Crypto trader Ansem, a key figure in the campaign, announced the full funding on March 13 to his 235,000 followers on X.
Following the announcement, the price of WIF experienced a rapid 25% surge, briefly reaching a new all-time high of $3 and a total market capitalization of $3 billion, as per TradingView data. Presently, the price has stabilized around $2.88.
Several prominent players within the Solana ecosystem backed the campaign, with the official social media account for the Solana-based Phantom Wallet actively promoting further donations over the past three days.
However, the organizers of the crowdfunding effort have not yet provided public documentation confirming the acceptance of the marketing campaign by the Las Vegas Sphere.
While many celebrated the success of the campaign, some within the crypto industry expressed concerns about potential market overheating. Bankless co-host Ryan Sean Adams humorously suggested that featuring a crypto project on the sphere could signal the peak of the current bull run.
With a market capitalization of $2.8 billion, Dogwifhat currently ranks as the 51st-largest cryptocurrency by market capitalization and the fourth-largest memecoin on the CoinGecko memecoin index. Since its launch in late November last year, WIF has emerged as the top-performing memecoin of the current cycle, posting gains exceeding 1,000,000%.
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