Dogwhiphat sets record high after $700k Vegas Sphere fundraiser
The price of Solana-based memecoin Dogwifhat (WIF) rose 25% to reach a new all-time high of $3 after memecoin supporters raised more than $700,000 to launch the token at the Las Vegas Globe.
“Doffwifhat on sphere is fully funded,” wrote crypto trader Ansem, one of the campaign's frontrunners, in a post to his 235,000 followers.
The crowdfunding campaign, titled “Sphere Wif Hat,” went live on March 10. It has now raised over $702,000 in USD Coin (USDC) donations – surpassing its original goal of $50,000.
After announcing the campaign's success, YFF's price rose 25 percent, briefly pushing it to a new all-time high of $3 and a total market capitalization of $3 billion, according to TradingView data.
Dogwife's price has been adjusted and is currently trading at $2.88.
The campaign is supported by several big players in the Solana ecosystem, and the official social media account of Solana-based Phantom Wallet has made several posts over the past three days to encourage more donations.
It's important to note that the leaders of the crowdfunding effort have yet to provide any public documentation confirming that the marketing campaign has been approved by the Las Vegas Strip.
Cointelegraph contacted Ansem and several other event organizers but did not receive an immediate response.
Related: Memecoins rally as Bitcoin recovers to highs.
Not everyone in the crypto industry is happy with the idea of seeing Dogwhiphat on the Sphere, suggesting that this type of behavior could be a sign that the market is overheating.
Bankless co-host Ryan Sean Adams said that putting a crypto project on the sphere would mark the peak of the current bull run, suggesting that the value of crypto assets would crash after any crypto project was placed on the sphere.
WIF's recent price increase has seen its total market capitalization balloon to $2.8 billion – pushing its total value well above that of the original Solana memecoin Bonk (BONK) and other dog-themed tokens on Ethereum, such as Floki Inu (FLOKI).
At the time of publication, Dogwhiphat stands as the 51st largest coin by market capitalization and the fourth largest memecoin on CoinGecko's memecoin index, beaten only by Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE).
WIF is the best performing memecoin of the current cycle, posting gains of over 1,000,000% since its launch in late November last year.
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