Solana's Memecoin Dogwifhat Hits $3 Amid Successful Fundraising for Las Vegas Sphere Promotion
Summary:
The Solana-based memecoin, dogwifhat (WIF), has seen a 25% price surge to an all-time high of $3 after its fans raised over $700,000 to promote the token's logo on the Las Vegas sphere. The fundraising campaign "Sphere Wif Hat" has managed to collect over $702,000, surpassing its initial goal. The subsequent announcement led to a price spike for the token. However, there's no public documentation yet to validate the sphere's acceptance of the campaign. The recent price rise has shot up WIF's total market capitalization to $2.8 billion, making it the 51st biggest cryptocurrency.
Dogwifhat (WIF), a memecoin based on the Solana blockchain, has witnessed a 25% price surge, attaining a new record peak at $3. This rally came as devotees succeeded in raising over $700,000 to promote the token's logo on the Las Vegas sphere. Ansem, a prominent crypto trader and the campaign's spearhead, regaled his 235,000 followers with the news in a March 13 post on social media platform X. Titled "Sphere Wif Hat," the fundraising endeavor began on March 10 and amassed over $702,000 in USDC donations, surpassing its original objective by over $50,000.
The announcement of this accomplishment caused an immediate 25% bump in the token's price, encouraging it momentarily to hit a record $3, reflecting a total market capitalization of $3 billion. The token is now valued at $2.88, according to TradingView data. Several influential actors in the Solana ecosystem showed support for the campaign, most notably the official Solana-based Phantom Wallet social media account, which has been encouraging additional donations over the past three days.
However, no public documentation confirming the promotional campaign's acceptance by the Las Vegas sphere has been presented by the crowdfunders. Multiple attempts at contact by Cointelegraph to the event organizers remained unanswered. The initiative has also been a source of discontent in the crypto community, with some forecasters arguing that it indicates an overheated market. Ryan Sean Adams, co-host of Bankless, humorously suggested that the exhibition of a crypto project on the sphere would signal the apex of the ongoing bull run — a precursor to the imminent collapse of crypto asset prices.
The recent upswing in WIF's price has helped its total market capitalization reach $2.8 billion, thus outpacing original Solana memecoin Bonk (BONK) and other Ethereum-based, dog-themed tokens like Floki Inu (FLOKI). As of now, dogwifhat ranks as the 51st largest cryptocurrency in terms of market capitalization and the fourth largest memecoin on the CoinGecko memecoin index, losing to just Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE). Since its inception in late November last year, WIF has proven itself as the best-performing memecoin, making gains upward of 1,000,000%.
Published At
3/14/2024 9:00:02 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.