Dogwifhat Achieves Record High Post $700K Fundraise for Vegas Sphere Advertisement

Enthusiasts of the meme coin Dogwifhat (WIF), based on Solana, have successfully raised over $700,000 to display the coin’s logo on the Las Vegas Sphere, propelling the token’s price to a new peak.

Following the fundraising campaign titled “Sphere Wif Hat,” initiated on March 10, the community managed to surpass its initial target of $50,000 by garnering more than $702,000 in USD Coin (USDC) donations.

Ansem, a prominent figure in the crypto trading realm, announced the full funding of the “Dofwifhat on sphere” initiative to his sizable audience on X, comprising 235,000 followers.

In response to the campaign’s success, Dogwifhat’s price surged by 25%, briefly reaching an all-time high of $3, and accumulating a total market capitalization of $3 billion, according to TradingView data. Presently, the token’s price has stabilized at $2.88.

Key players within the Solana ecosystem, including the official social media account of the Solana-based Phantom Wallet, actively supported the crowdfunding effort, amplifying the momentum over the past three days.

However, there remains a lack of public confirmation regarding the acceptance of the marketing campaign by the Las Vegas Sphere, as organizers are yet to provide documentation to substantiate the claim.

While the initiative garnered substantial support, some within the crypto industry expressed reservations, suggesting that such fervor could signify an overheated market. Ryan Sean Adams of Bankless humorously conjectured that featuring a crypto project on the Sphere could mark the pinnacle of the current bullish trend, potentially leading to a subsequent market downturn.

Despite the polarizing views, Dogwifhat’s recent price surge propelled its market capitalization to $2.8 billion, surpassing other notable meme coins like Bonk (BONK) and dog-themed tokens such as Floki Inu (FLOKI).

As of now, Dogwifhat ranks as the 51st-largest cryptocurrency by market capitalization and stands as the fourth-largest meme coin on the CoinGecko index, trailing Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE).

Since its inception in late November of the previous year, WIF has emerged as the top-performing meme coin of the current cycle, boasting gains exceeding 1,000,000%.