Dogwifhat raises $700K for a Sphere ad, boosting its value and becoming the fourth-largest meme coin.
The meme cryptocurrency from Solana, Dogwifhat, has successfully gathered nearly $700,000 to feature its iconic, beanie-wearing mascot on the globe's biggest display.
This past Saturday saw the launch of the “Sphere Wif Hat” initiative online, aiming to gather sufficient funds to display the Dogwifhat image on the Sphere’s gigantic LED screen facade in Las Vegas. The campaign has now achieved its fundraising target of $650,000 today, an amount the organizers say will secure a full week of advertising space on the Sphere.
Even after hitting its initial target, the “Sphere Wif Hat” campaign continued to draw in donations, showcasing the community's enthusiasm. As of this moment, the associated fundraising wallet has collected in excess of $690,000 in USDC stablecoin donations.
Significant support for the campaign came through a promotional push from key figures within the Solana community. This past Wednesday, as the “Sphere Wif Hat” neared its goal of $650,000, the Solana-based Phantom wallet featured the campaign on its homepage, leading to an influx of over $100,000 into the campaign’s funds within just a few minutes.
We did it!
$84K in 27 minutes 😅🎉 https://t.co/BnYwDJs4Ye pic.twitter.com/qJuNmudpfG
— Phantom (@phantom) March 13, 2024
Most contributions to the “Sphere Wif Hat” effort came in the form of small USDC donations, each ranging from $1 to $10.
Following the announcement of the campaign's achievement, Dogwifhat's (WIF) value saw an immediate 18% increase. Within the last 24 hours, the token has risen over 36%, reaching a price of $2.66 at the time of writing and briefly peaking at a new all-time high of $2.68.
This surge has propelled WIF ahead of its competition, not only surpassing Solana’s other dog-themed coin, BONK, but also overtaking the popular Ethereum-based meme coin, FLOKI. Currently, Dogwifhat stands as the fourth-largest meme cryptocurrency globally, with a market capitalization of around $2.56 billion, trailing only behind Pepecoin, Shiba Inu, and the colossal $24 billion titan, Dogecoin.
just a heads up, WIF is already more valuable than the sphere
we'll still let them advertise with us tho pic.twitter.com/MrbMQmXk1m
— DANIEL GOT HITS (@danielgothits) March 13, 2024
Thus, the stage seems perfectly set for broadcasting Dogwifhat across a 580,000 square foot screen, a sight observable even from the upper atmosphere. However, the exact timeline for the advertisement's assembly remains unclear.
So far, the five individuals leading the fundraiser have not disclosed any evidence of communication with the marketing department at Sphere, nor confirmed any payment towards the advertisement space. A member from the group assured Decrypt that they have been in dialogue with Sphere and plan to allocate any surplus funds to their marketing budget for future use.
iight bros, it's time, we're putting dogwifhat on the vegas sphere 🫨 https://t.co/lVm0Hjog8o pic.twitter.com/vK4LlXYs8G
— Ansem 🐂🀄️ (@blknoiz06) March 10, 2024
Decrypt has also made attempts to confirm any interactions between the Sphere representatives and the “Sphere Wif Hat” project organizers but has yet to receive any feedback.
Edited by Andrew Hayward
Editor's note: This story was updated after publication to include comment from the Dogwifhat team.