- Since its launch in late November 2023, dogwifhat reaches a market capitalization of $3.2 billion.
- Solana, the platform behind dogwifhat, experiences a 12% increase in 24 hours, reflecting growing interest.
Dogwifhat (WIF) has completed its fundraising campaign with the goal of exhibiting its memecoin at the Sphere in Las Vegas. The campaign surpassed its $650,000 goal in just four days, accumulating a total of $702,017.883 in donations so far.
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
Ansem, the campaign leader and wallet administrator, declared on the X platform that the “Dogwifhat on the Sphere” project is now fully funded. This event triggered a surge in the memecoin’s value by more than 28% within the past day, making dogwifhat the fourth biggest memecoin in terms of market cap.
Since its launch in late November 2023, dogwifhat has reached a market capitalization of $3.2 billion, placing it as the 48th most valuable cryptocurrency.
Memecoins have benefited from the overall rise in the cryptocurrency market, a move led by Bitcoin, which continues to post record highs. The preference for owning large quantities of memecoins, rather than fractions of Bitcoin, despite Bitcoin’s higher value, reflects a favorable unit bias for memecoins.
Andrew Kang, a venture capitalist specializing in cryptocurrencies, has commented on the current fervor for memecoins, anticipating a cycle characterized by questionable investment decisions in this segment.
We are going to reach some serious levels of mental retardation for memecoins this cycle
Think of the Memecoin ecosystem as essentially a Skill-based Global Lottery Platform. Players get to decide which lottery brand they want to buy tickets in, but the payouts and odds aren't… pic.twitter.com/YYH5kF0nRD
— Andrew Kang (@Rewkang) March 2, 2024
The trend is expected to spawn a “new generation of Memecoin elites with new money,” according to Kang. The attraction to these assets appears to focus less on the underlying technology and more on the community, enthusiasm and influence behind the tokens.
In parallel, Solana, the blockchain on which dogwifhat is based, also shows an increase of 12% in the last 24 hours and 20% on the week, highlighting the growing interest and adoption in the cryptocurrency sector, as we have written in ETHNews.
