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Memecoin dogwifhat (WIF) has completed its community fundraising to display its mascot on the Sphere in Las Vegas.
Fundraisers went above and beyond to support the campaign, hitting its target of $650,000 in four days with total donations standing at $702,017.883 at the time of writing.
"Dogwifhat on sphere fully funded," Ansem, the campaign leader and wallet manager declared on X.
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
The news added to the memecoin's growing momentum, sending its price up more than 28% over the past 24 hours. dogwifhat is now the fourth largest memecoin in terms of market cap, muscling out FLOKI.
Only launched in late November 2023, dogwifhat has amassed a market cap of $2.9 billion in a matter of months and is now the 48th most valuable cryptocurrency.
Memecoins have enjoyed the rising tide of the overall crypto bull market, largely driven by Bitcoin, which continues to set new highs.
Unit bias works in the favour of memecoins too. Owning a fraction of a Bitcoin feels less satisfying than owning millions of meme coins, even if the former's value is higher.
Crypto venture capitalist Andrew Kang explains, "We are going to reach some serious levels of mental retardation for Memecoins this cycle."
A "new generation of new money Memecoin elites" will be minted in this run, which has just begun, Kang argues.
This new wave of investors cares less about the technology behind cryptocurrency ecosystems and more about the community, hype, and power behind the tokens.
Blockhead
Solana, which dogwifhat is built on, is also experiencing a strong rally. SOL is up 12% over the past 24 hours and 20% over the week.
