What is the reason behind the price increase of Dogwifhat (WIF) today?
Members of the Dogwifhat community were working together to raise a significant amount of money – $650,000 – in order to display their meme on the famous Vegas Sphere. However, despite being live for over 24 hours, the donation address had only managed to reach less than half of its goal. Interestingly, another project involving the viral Solana memecoin Dogwifhat had managed to raise over $700,000 to put an image on it in the Las Vegas sphere. The crowdfunding campaign, called “Sphere Wif Hat,” was launched on March 10 and received donations amounting to over $702,000 in USD coins. It successfully surpassed its initial target of $700,000.
The price of the Solana-based memecoin, Dogwifhat (WIF), has experienced a significant surge of 25%, reaching a new all-time high of $3. This surge in price has also pushed its total market capitalization to reach $3 billion. Ansem, a prominent figure in the campaign and a crypto trader, expressed their excitement in a post on March 13, stating that the funding for the placement of Dogwifhat on the sphere had been fully achieved. The recent price surge of WIF has also helped it surpass the original Solana memecoin, Bonk (BONK), as well as other Ethereum-based tokens like Floki Inu (FLOKI).
The chosen image will be displayed on the Las Vegas Skyline for a period of one week. Three days ago, the memecoin community had only managed to generate $240,000 in donations, with the majority of contributions falling within the range of $1 to $100. Only two wallets made donations of up to $9,999.
Fortunately, the donations have now surpassed the initial target, ensuring that Dogwifhat will make its appearance in Las Vegas in a grand manner. Until now, Dogwifhat has been one of the less popular digital assets within the Shiba Inu ecosystem, but the display on the Sphere is expected to bring it into the spotlight.
However, there is still no confirmation regarding whether the marketing campaign has been approved by the Las Vegas sphere. Not everyone within the crypto industry is supportive of the idea of featuring Dogwifhat on the sphere. Ryan Sean Adams, for example, has suggested that the prices of crypto assets would crash soon after any crypto project is displayed on the sphere.
In addition to the crowdfunding campaign, Dogwifhat has gained attention from various cryptocurrency exchanges, with several expressing interest in listing the memecoin. Notably, the Robinhood crypto platform has decided to list Dogwifhat, and Binance, a leading digital asset service provider, has also announced its intention to list the memecoin, contributing to its growing publicity.
Overall, the Dogwifhat community’s efforts to raise funds for the Vegas Sphere display have been successful, and the memecoin is gaining traction with listings on major cryptocurrency exchanges.