Solana Meme Coin Dogwifhat Raises Nearly $700,000 for Las Vegas Sphere

Sentiment: Positive

Dazzling the crypto world, Dogwifhat (WIF) raises $690,000 for a Las Vegas LED ad, triggering an 18% surge and surpassing BONK on Solana.

In an unprecedented move, Dogwifhat (WIF), a popular meme coin thriving on the Solana blockchain, has successfully orchestrated a fundraising campaign that has taken the crypto community by storm. The goal? To showcase its logo on the sprawling LED screen adorning the iconic Las Vegas entertainment venue, the Sphere.

Launched just last Saturday, the online campaign quickly gained momentum, with an ambitious target of $650,000 for a week's worth of advertising on the Sphere. Astonishingly, as of the latest update, the campaign has not only met but surpassed this target, amassing an impressive $690,000 in USDC stablecoin donations.

One noteworthy aspect of this campaign is the diverse range of supporters, with a substantial number contributing small amounts, ranging from $1 to $10 USDC. This indicates a widespread and enthusiastic participation from a broad base of the crypto community.

The campaign's success was undoubtedly buoyed by support from influential figures within the Solana ecosystem. Phantom, a leading Solana wallet provider, played a pivotal role by prominently featuring the fundraiser on its homepage. This endorsement led to a rapid influx of over $100,000 within minutes.

In response to the campaign's triumph, the price of Dogwifhat experienced a remarkable surge of 18% in just a matter of minutes. Over the past 24 hours, the token has seen an extraordinary increase of over 36%, reaching a new all-time high of $2.68. Notably, this surge briefly propelled Dogwifhat ahead of BONK, the erstwhile top meme coin on Solana, in terms of market capitalization.

Despite the jubilation surrounding the campaign's success, uncertainties linger regarding the practical execution of the billboard advertisement. The five organizers have yet to provide any evidence of communication with Sphere's marketing team or confirmation of securing the coveted ad space. Decrypt's attempts to seek clarification on the ad schedule and the utilization of excess funds have, as of now, gone unanswered. Similarly, inquiries directed towards Sphere for insights on the campaign have also met with silence.

While Dogwifhat enthusiasts celebrate the coin's meteoric rise and successful fundraising campaign, questions surrounding the logistics of the planned advertisement and transparency issues remain unresolved. The coming days will undoubtedly unfold the next chapter in this captivating crypto saga.