Dogwifhat project raises nearly $700,000 to display its iconic image on the Sphere in Las Vegas, experiencing significant market value surge and becoming Solana's preeminent meme coin.
Presenting an unprecedented display of community solidarity and digital extravagance, the Dogwifhat initiative—a meme coin operating on the Solana blockchain—has effectively rallied nearly $700,000 to showcase its iconic emblem, a Shiba Inu adorned with a pink hat, on the renowned Sphere in Las Vegas. This venue is acclaimed as the largest entertainment arena covered with LED screens globally.
Dogwifhat (WIF) Ventures to Vegas
Kicking off on March 9, the “Sphere Wif Hat” campaign swiftly reached and exceeded its $650,000 objective, accumulating over $690,000 in contributions, predominantly in the form of USDC stablecoin, through a multisig wallet. Oversight of these funds is entrusted to five key figures within the Dogwifhat community, ensuring both transparency and collective control over the raised capital.
The initiative witnessed a remarkable surge in support subsequent to a promotional push by Phantom, a prominent Solana wallet, which catalyzed a wave of donations surpassing $100,000. This endorsement played a pivotal role, according to the campaign organizers, underscoring the extensive support from the Solana ecosystem. Noteworthy in the fundraising endeavor was the prevalence of modest contributions, ranging between $1 and $10, highlighting the broad involvement of the community.
Following this successful campaign, the value of the Dogwifhat token (WIF) experienced an immediate surge, increasing by 43% in the past 24 hours and by 91% over the previous 7 days. Subsequent to this announcement, the WIF price soared past its previous all-time high and is presently trading well above $3.00.
This rapid price escalation momentarily positions Dogwifhat ahead of BONK, solidifying its status as Solana’s leading meme coin by market capitalization. Currently, Dogwifhat ranks as the fourth-largest meme coin globally, with a market capitalization nearing $2.90 billion, trailing only behind Dogecoin, Shiba Inu, and PEPE.
Risicare (@risicare_eth) captured the community’s sentiment succinctly, stating, “It’s official, dogwifhat is going on the Las Vegas Sphere for 1 whole week. After WIF rose from $0.3 billion to $2.75 billion market cap in ~2 weeks, it is now the #50 coin in the world, #4 memecoin, and has been mentioned on Bloomberg TV several times. After being put on the sphere, it will be on all major news outlets – CNN, FOX, ABC, NBC, etc. DOGE ATH market cap was $89B. SHIB was $42B. Every cycle has its breakout memecoin. This cycle, it’s dogwifhat.”
Arthur Hayes, the founder of BitMEX, contributed to the wave of enthusiastic support with a lighthearted remark, “The hat stays on while I count to $10. LFG fam are you WIF me?” showcasing the campaign’s blend of humor and ambition.
The endeavor to showcase Dogwifhat on the expansive screens of the Sphere not only underscores the meme coin’s popularity but also exemplifies the innovative fundraising and marketing strategies emerging within the crypto sphere. As of the latest update, the five individuals overseeing the fundraiser are yet to furnish evidence of communication with the Sphere’s marketing team or confirmation of any payment made for the advertising acquisition.
At the time of publication, WIF is trading at $3.23.
