In an unparalleled show of community support and digital spectacle, the Dogwifhat project—a Solana-based meme coin—has successfully marshaled nearly $700,000 to project its iconic image, a Shiba Inu wearing a pink beanie, onto the Sphere in Las Vegas. This venue is celebrated as the world’s largest LED-screen covered entertainment arena.
Dogwifhat (WIF) Goes To Vegas
Launched on March 9, the “Sphere Wif Hat” campaign quickly met and surpassed its $650,000 target, amassing over $690,000 in donations, chiefly in USDC stablecoin, through a multisig wallet. This wallet is managed by five pivotal figures within the Dogwifhat community, ensuring both transparency and collective governance over the funds raised.
The initiative saw an impressive surge of support following a promotional effort by Phantom, a leading Solana wallet, which heralded a wave of over $100,000 in donations. This act of endorsement was pivotal, as stated by the campaign organizers, demonstrating the expansive backing from the Solana ecosystem. A notable aspect of the fundraising was the prevalence of small denominations, worth between $1 and $10, highlighting the wide-ranging community involvement.
We did it!
$84K in 27 minutes 😅🎉 https://t.co/BnYwDJs4Ye pic.twitter.com/qJuNmudpfG
— Phantom (@phantom) March 13, 2024
As a result of this successful campaign, the Dogwifhat token (WIF) experienced an immediate uptick in its market value, spiking 43% in the last 24 hours and 91% in the last 7 days. Following the news, the WIF price blasted through its previous all-time high and is now trading way above $3.00.
This price rally briefly positions Dogwifhat ahead of BONK, marking it as Solana’s preeminent meme coin by market capitalization. Currently, Dogwifhat stands as the fourth-largest meme coin globally, with a market cap nearing $2.90 billion, only trailing behind Dogecoin, Shiba Inu and PEPE.
Risicare (@risicare_eth) encapsulated the community’s sentiment on X, asserting, “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, BitMEX’s founder, contributed to the wave of enthusiastic support with a light-hearted comment, “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 hat stays on while I count to $10.
LFG fam are you $WIF me? pic.twitter.com/HhaCAygObV
— Arthur Hayes (@CryptoHayes) March 14, 2024
The effort to bring Dogwifhat to the Sphere’s expansive screens is not just a testament to the meme coin’s popularity but also a demonstration of the innovative fundraising and marketing strategies emerging in the crypto space. As of now, the five individuals coordinating the fundraiser have yet to provide evidence of communication with the Sphere’s marketing team or confirmation of any payment made for the advertising purchase.
At press time, WIF traded at $3.23.
Featured image from Shutterstock, chart from TradingView.com