dogwifhat (WIF) Hits New ATH After Raising $650,000 to Place Logo on "Sphere Vegas"

In a statement early on March 14, dogwifhat (WIF) has emerged as the fourth-largest memecoin globally with a market capitalization of $2.7 billion USD after successfully fundraising from the community for an advertising initiative.

dogwifhat (WIF) Hits New ATH After Raising $650,000 to Place Logo on "Sphere Vegas". Image: Tipranks

After 4 days of fundraising, the Solana community raised the full $650,000 needed for memecoin dogwifhat (WIF) to display its project logo on Sphere, a famous globe at Las Vegas (USA).

In fact, dogwifhat has received nearly $700,000, exceeding the initial target as contributions continue to flow into the project's USDC address.

The donated funds are being held in a multisig wallet address controlled by 5 prominent members within the Solana community. dogwifhat has yet to announce the specific timing for the advertisement placement on Sphere.

The fundraising website for dogwifhat was active as of 08:15 AM on March 14, 2024, with a screenshot available at https://wif-sphere.vercel.app/.

dogwifhat emerged as one of the memecoins riding Solana's recovery in late 2023, quickly gaining community acceptance and speculative interest, eventually becoming the fourth-largest memecoin globally with a $2.7 billion market cap, listed on multiple major exchanges.

Top memecoins in the cryptocurrency market, screenshot from CoinGecko as of 08:15 AM on March 14, 2024

Over the past 24 hours, WIF has continued its growth by over 25%, reaching a new ATH of $2.78 USD on Binance.

1-hour chart of WIF/USDT pair on Binance at 08:15 AM on March 14, 2024

However, some members within the cryptocurrency community have expressed concerns over the fervor surrounding WIF investors, labeling the plan to advertise on the Sphere in Vegas as a potential "top signal" indicating an impending peak in the cryptocurrency market.

Similar dynamics were observed in late 2021 to early 2022 when the crypto market experienced a wave of high-profile advertising campaigns totaling hundreds of millions of USD from various cryptocurrency exchanges, notably FTX.

Additionally, a memecoin project set a fundraising record with ConstitutionDAO (PEOPLE), raising $43 million USD within 2 weeks to bid on an original copy of the U.S. Constitution, but ultimately failed.

Nevertheless, some Solana investors remain optimistic about dogwifhat's prospects, believing it has the potential to surpass similar memecoins in the crypto industry like Bonk (BONK), Floki (FLOKI), Shiba Inu (SHIB), and even the first memecoin in the crypto market - Dogecoin (DOGE).