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HomeNewsDogwifhat (WIF) Climbs to 4th-Largest Meme Coin Amid Las Vegas Sphere Fundraising...

Dogwifhat (WIF) Climbs to 4th-Largest Meme Coin Amid Las Vegas Sphere Fundraising Achievement

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  • 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.

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.

WIF_1D_graph_coinmarketcap
Source: Coinmarketcap

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.

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.

Source: coinmarketcap

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.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628
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