The meme token dogwifhat (WIF) will be displayed at Sphere, the most modern concert hall in the shape of a sphere in Las Vegas, after community members raised enough funds to display the token’s mascot, a small Shiba Inu wearing a pink knitted hat.
The campaign raised over 690,000 dollars in USDC stablecoin in donations since Wednesday, completing the fundraising in less than four days, as announced on the campaign’s website.
– Dogwifhat on sphere fully funded – wrote Ansem, the leading figure of the campaign and one of the five controllers of the multisig wallet that received the donations, in a post.
Some observers, however, pointed out that such marketing moves are typical for market peaks. For example, during the last bull run, numerous crypto companies put their names on sports arenas, including FTX (which later collapsed) and Crypto.com (which did not).
Dogwifhat has immediately become a hit since its launch late last year, emerging as one of the most popular memes of this crypto market cycle, fueled by crypto investors’ affection for dog-themed meme tokens such as dogecoin, shiba inu, and bonk.
After attracting attention through fundraising, WIF rose 39 percent in the last 24 hours and became the 46th largest cryptocurrency, according to CoinMarketCap data.
WIF has also surpassed floki as the fourth largest meme token by market capitalization, reaching a market value of 3.2 billion dollars a few months after its launch.
Meme tokens continue to make up a small but growing part of the overall crypto market and are among the riskiest sectors within an already volatile cryptocurrency landscape.
